Homework Help is Here – Start Your Trial Now!
Business
Accounting
2021 TRANSACTIONS August 1 Phil Trading purchased merchandise from Webb Inc., P5,000; terms: 2/20, n/30; FOB SP, freight collect. 3 Merchandise was purchased from Heaven Co., P10,000; terms:5-5, 2/10 EOM; FOB destination, freight prepaid; freight cost, P80. 5 Phil Trading paid freight on shipment from Webb Inc., P120. 5 Merchandise was sold to Brian Inc., P7,000 cash. 6 Phil Trading paid freight on shipment to Brian Inc., P250. 8 Phil Trading returned P500 defective goods purchased August 1 from Webb Inc. 10 Cash of P1,000 was refunded to Brian Inc., for allowances granted due to defective goods sold. 12 Merchandise with list price of P8,500 was sold to Bambi Co.; terms: 10-10, 2/10, n/30; FOB SP, freight collect; freight cost of P180. 15 Phil Trading sold merchandise sold to Sulu Co., P12,000; terms: 10 EOM; FOB SP, freight prepaid; freight cost P360. 18 Merchandise was sold to Pan Co., P15,000; terms: 1/15, n/60; FOB destination, freight collect; freight cost P505. 20 Phil Trading received a credit memo from Heaven Co., for merchandise returned worth P500 from purchases made last August 3. 21 Phil Trading settled account with Webb Inc., in full. 22 Bambi Co. settled its account in full. 23 Phil Trading received returned goods worth P2,000 from Pan and issued a credit memo. 24 Phil Trading paid account to Heaven Co., in full.

2021 TRANSACTIONS August 1 Phil Trading purchased merchandise from Webb Inc., P5,000; terms: 2/20, n/30; FOB SP, freight collect. 3 Merchandise was purchased from Heaven Co., P10,000; terms:5-5, 2/10 EOM; FOB destination, freight prepaid; freight cost, P80. 5 Phil Trading paid freight on shipment from Webb Inc., P120. 5 Merchandise was sold to Brian Inc., P7,000 cash. 6 Phil Trading paid freight on shipment to Brian Inc., P250. 8 Phil Trading returned P500 defective goods purchased August 1 from Webb Inc. 10 Cash of P1,000 was refunded to Brian Inc., for allowances granted due to defective goods sold. 12 Merchandise with list price of P8,500 was sold to Bambi Co.; terms: 10-10, 2/10, n/30; FOB SP, freight collect; freight cost of P180. 15 Phil Trading sold merchandise sold to Sulu Co., P12,000; terms: 10 EOM; FOB SP, freight prepaid; freight cost P360. 18 Merchandise was sold to Pan Co., P15,000; terms: 1/15, n/60; FOB destination, freight collect; freight cost P505. 20 Phil Trading received a credit memo from Heaven Co., for merchandise returned worth P500 from purchases made last August 3. 21 Phil Trading settled account with Webb Inc., in full. 22 Bambi Co. settled its account in full. 23 Phil Trading received returned goods worth P2,000 from Pan and issued a credit memo. 24 Phil Trading paid account to Heaven Co., in full.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
DATE JOURNAL ENTRIES August 1 Purchases Accounts Payable Purchased merchandise on account 2/20, n/30. 3 (3) funguun Purchased merchandise on account 2/10 EOM. 5 (7) (9) Paid freight charges. (11) (13) Sold merchandise for cash. (15) (17) Paid freight charges. (19) (21) Returned defective merchandise. 10 (23) (25) Granted allowances for defective merchandise. 12 (27) (29) Sold merchandise on account, 2/10, n/30. 15 (31) (33) Sold merchandise on account, 10 EOM. (35) (37) Paid freight charges. (39) (41) Sold merchandise on account, 1/15, n/60. (43) (45) Freight charges paid by buyer. (47) (49) Received a credit memo for returns. (51) (53) (55) Settled account in full. (57) (59) (61) Collected account in full. (63) (65) Received returned merchandise. (67) (69) (71) Settled account in full. :10 6 8 18 20 21 22 23 24 DEBIT (1) (4) (8) (12) (16) (20) (24) (28) (32) (36) (40) (44) (48) (52) (58) (60) (64) (68) CREDIT (2) (6) (10) (14) (18) (22) (26) (30) (34) (38) (42) (46) (50) (54) (56) (62) (66) (70) (72)
Transcribed Image Text:DATE JOURNAL ENTRIES August 1 Purchases Accounts Payable Purchased merchandise on account 2/20, n/30. 3 (3) funguun Purchased merchandise on account 2/10 EOM. 5 (7) (9) Paid freight charges. (11) (13) Sold merchandise for cash. (15) (17) Paid freight charges. (19) (21) Returned defective merchandise. 10 (23) (25) Granted allowances for defective merchandise. 12 (27) (29) Sold merchandise on account, 2/10, n/30. 15 (31) (33) Sold merchandise on account, 10 EOM. (35) (37) Paid freight charges. (39) (41) Sold merchandise on account, 1/15, n/60. (43) (45) Freight charges paid by buyer. (47) (49) Received a credit memo for returns. (51) (53) (55) Settled account in full. (57) (59) (61) Collected account in full. (63) (65) Received returned merchandise. (67) (69) (71) Settled account in full. :10 6 8 18 20 21 22 23 24 DEBIT (1) (4) (8) (12) (16) (20) (24) (28) (32) (36) (40) (44) (48) (52) (58) (60) (64) (68) CREDIT (2) (6) (10) (14) (18) (22) (26) (30) (34) (38) (42) (46) (50) (54) (56) (62) (66) (70) (72)
2021 TRANSACTIONS August 1 Phil Trading purchased merchandise from Webb Inc., P5,000; terms: 2/20, n/30; FOB SP, freight collect. 3 Merchandise was purchased from Heaven Co., P10,000; terms:5-5, 2/10 EOM; FOB destination, freight prepaid; freight cost, P80. Phil Trading paid freight on shipment from Webb Inc., P120. 5 5 Merchandise was sold to Brian Inc., P7,000 cash. 6 Phil Trading paid freight on shipment to Brian Inc., P250. 8 Phil Trading returned P500 defective goods purchased August 1 from Webb Inc. 10 Cash of P1,000 was refunded to Brian Inc., for allowances granted due to defective goods sold. 12 Merchandise with list price of P8,500 was sold to Bambi Co.,; terms: 10-10, 2/10, n/30; FOB SP, freight collect; freight cost of P180. 15 Phil Trading sold merchandise sold to Sulu Co., P12,000; terms: 10 EOM; FOB SP, freight prepaid; freight cost P360. 18 Merchandise was sold to Pan Co., P15,000; terms: 1/15, n/60; FOB destination, freight collect; freight cost P505. 20 Phil Trading received a credit memo from Heaven Co., for merchandise returned worth P500 from purchases made last August 3. 21 Phil Trading settled account with Webb Inc., in full. 22 Bambi Co. settled its account in full. 23 Phil Trading received returned goods worth P2,000 from Pan and issued a credit memo. 24 Phil Trading paid account to Heaven Co., in full.
Transcribed Image Text:2021 TRANSACTIONS August 1 Phil Trading purchased merchandise from Webb Inc., P5,000; terms: 2/20, n/30; FOB SP, freight collect. 3 Merchandise was purchased from Heaven Co., P10,000; terms:5-5, 2/10 EOM; FOB destination, freight prepaid; freight cost, P80. Phil Trading paid freight on shipment from Webb Inc., P120. 5 5 Merchandise was sold to Brian Inc., P7,000 cash. 6 Phil Trading paid freight on shipment to Brian Inc., P250. 8 Phil Trading returned P500 defective goods purchased August 1 from Webb Inc. 10 Cash of P1,000 was refunded to Brian Inc., for allowances granted due to defective goods sold. 12 Merchandise with list price of P8,500 was sold to Bambi Co.,; terms: 10-10, 2/10, n/30; FOB SP, freight collect; freight cost of P180. 15 Phil Trading sold merchandise sold to Sulu Co., P12,000; terms: 10 EOM; FOB SP, freight prepaid; freight cost P360. 18 Merchandise was sold to Pan Co., P15,000; terms: 1/15, n/60; FOB destination, freight collect; freight cost P505. 20 Phil Trading received a credit memo from Heaven Co., for merchandise returned worth P500 from purchases made last August 3. 21 Phil Trading settled account with Webb Inc., in full. 22 Bambi Co. settled its account in full. 23 Phil Trading received returned goods worth P2,000 from Pan and issued a credit memo. 24 Phil Trading paid account to Heaven Co., in full.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS