Activity 1:Journalize the following transactions and then post them to the General Ledger.Below are the transactions of Juan Manuell Enterprises for the month of May 2018.Maу 3Mr. Manuell invested P500,000 cash.May 5Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20.May 6Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30.5963 / 164Мay 9Purchased office supplies from Galaxy Co. for cash, P3,000 through Check No.0031.May 11Gemini Enterprises settled its account in full. Issued OR#10241Purchased merchandise from Polaris Trading, P55,000. Terms: P25,000 downpayment, balance on account. Terms: 2/10, n/30. Check No. 0032.May 16Purchased merchandise from Aurora Borealis Systems, P201,600. Terms: 2/10,n/30.May 25May 26Sold to Virgo Enterprises P150,000 worth of merchandise. Terms: 2/10, n/30.Мay 30Purchases from Meteor Trading P80,000. Terms: 2/15, n/30.Procedures:1. Analyze the given transactions.2. Journalize each transaction in each specific special journal.3. Post the transactions in the General Ledger.Guide Questions:1. What is a General Ledger?2. What is the format of the General Ledger?3. How are the accounts in the general ledger arranged? Activity 2Utilizing the given problem from the previous activity, prepare a subsidiary ledger for theAccounts Receivable account.Procedures:1. Identify which from the given transactions affects the accounts receivable account.2. Prepare a subsidiary ledger for accounts receivable using the following format.603. Reconcile the balance of the account with the balance that appear in the General Ledger.Guide Questions:1. What is accounts receivable subsidiary ledger?2. Can you illustrate the format of a subsidiary ledger for accounts receivable?3. Which accounts have subsidiary ledgers aside from accounts receivable?Rubric for scoringProperly and correctly filled-out columns of the subsidiary ledger shall earn 2 points each.Incorrectly filled columns shall earn no point.Activity 364/164Utilizing the given problem from the previous activity, prepare a subsidiary ledger for theAccounts Payable account.Procedures:1. Identify which from the given transactions affects the accounts payable account.2. Prepare a subsidiary ledger for accounts payable using the following format.SUBSIDIARY LEDGERSSupplier:DateItemRefDebitCreditBalance3. Reconcile the balance of the account with the balance that appear in the General Ledger.Guide Questions:1. What is an accounts payable subsidiary ledger?2. Can you illustrate the format of an accounts payable subsidiary ledger?3. What do you think is the difference between the accounts receivable subsidiary ledger andaccounts payable subsidiary ledger?Rubric for scoringProperly and correctly filled-out columns of the subsidiary ledger shall earn 2 points each.Incorrectly filled columns shall earn no point61ClosureIn this activity, I learned that

Activity 1: Journalize the following transactions and then post them to the General Ledger. Below are the transactions of Juan Manuell Enterprises for the month of May 2018. May 3 Mr. Manuell invested P500,000 cash. May 5 Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20. May 6 Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30. 59

Activity 1: Journalize the following transactions and then post them to the General Ledger. Below are the transactions of Juan Manuell Enterprises for the month of May 2018. May 3 Mr. Manuell invested P500,000 cash. May 5 Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20. May 6 Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30. 59

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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