A. Instructions: Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount). Use a separate sheet of paper for your answer sheet. A company had the following transactions during December: • Sold merchandise on credit for PHPS,000, terms 3/10, n/30. The items sold had a cost of PHP3,500. • Purchased merchandise for cash, PHP720. • Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of pup210 • Received payment for merchandise sold on December 1. • Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. • Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for PHP7.000, terms 2/10, n/30. The items had a cost of PHP4,900, • Received payment for merchandise sold on December 24.

A. Instructions: Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount). Use a separate sheet of paper for your answer sheet. A company had the following transactions during December: • Sold merchandise on credit for PHPS,000, terms 3/10, n/30. The items sold had a cost of PHP3,500. • Purchased merchandise for cash, PHP720. • Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of pup210 • Received payment for merchandise sold on December 1. • Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. • Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for PHP7.000, terms 2/10, n/30. The items had a cost of PHP4,900, • Received payment for merchandise sold on December 24.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Dinesh bhai
Recommended Implementation Process Please do the following: Introduce yourself to your peers by sharing something unique about your background. Explain how you expect this course will help you move forward in your current or future career. Use the Internet or Strayer University Library databases and Internet, to select and review a firm that has multiple lines of businesses. For example, review the FedEx Corporation to see how it is a multiple-line business organization. You reviewed the FedEx Corporation's 2019 annual report and focused on the detailed accounting information. In this week's reading, Lin demonstrates that successful implementation of the shipping company's financial accounting information management systems must go through three steps; implementation of management system module; implementation of financial accounting function; and implementation of management accounting function. Review the recommended implementation suggested by Lin in Design and Implementation of…
Jessica’s client is expanding and needs to upgrade her version of QuickBooks Online. What steps will Jessica take to upgrade in QuickBooks Online Accountant? -Gear icon > Company Settings > Payments > Upgrade -Gear icon > Subscriptions and billing > Accountant-billed subscriptions > Select Action > Upgrade -Gear icon > Company Settings > Advanced > Upgrade -Gear icon > Subscriptions and billing > Billing details > Edit billing information
Please correct answer and step by step solution
What are the steps to create a new estimate in QuickBooks Online? Projects > All Sales > New Transaction > Estimate Sales > Customers > New Customer Sales > All Sales > New Transaction > Estimate Gear icon > Estimate
Imagine you are the project manager at an investment firm and given the task of preparing a report (essay) addressing several companies' projects' evaluations. Use the supplied information for each project to answer the associated questions. Your deliverable is a professionally prepared MS Excel file, MS Word report (essay) applying APA 7 formatting and a quick information sheet. In your recommendation/conclusion of your report identify the best project to invest in and give reasons why. The quick information sheet is this document with the blanks filled out for each question area. Harris Dance Company, Inc., a manufacturer of dance and exercise apparel, is considering replacing an existing piece of equipment with a more sophisticated machine. The following information is given. The firm pays 40 percent taxes on ordinary income and capital gains. Project 2 Questions: 1) Calculate the book value of the existing asset being replaced. 2) Calculate the tax effect from the sale…
Make a business plan with charts and everything. attached the picture what is required
Hello tutor. I hope you doung fine. Can you please include a step by step process with formula. Thank you
please answer without copy paste and with all work like explanation , computation, formula with steps need correct and complete answer for better understanding please answer in text no AI no handwritten no image need accurate answer need answer in text no copy from other answer help part b with working
I uploaded two pictures of the entire excel spreadsheet that I am trying to figure out. All the spots that say "FORMULA" needs solved.
FORUM DESCRIPTION All chapter discussions are 'post-first discussions. That means you must create and submit your own response (post) before you are able to see discussion posts from other students. Click create thread to type your response. You cannot edit or delete your response after you submit it. Your post should include 300 words and at least a 100-word response. Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet's financial statements. In discussing the audit fee, Allnet's management suggests a fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne's firm. Required 1. Identify the parties potentially affected by this audit and the fee plan proposed. 2. What are the ethical factors in this situation? Explain. 3. Would you recommend that Thorne accept this audit fee arrangement? Why…
Brian just completed a Client Needs Assessement and his client confirmed that she will requre profitability tracking, and need to create budgets and purchase orders in her accounting solution. What is the mimimum Quick Books online version suitable for Brian's client?