ACTIVITY 1PROBLEM SOLVINGDirections: Read and analyze the problem Journalize and post the following transactions ofmerchandising business. After posting to the general and subsidiary Jedgers, prepare the trial balance.The transactions of Karen Carpenter for December 2018 were the following.December !- Began business with the following investments:CashP150,000Merchandise40,000Furniture50,0002- Paid rent for December, P5,000. Check No. 10013.Purchased a delivery truck from Dimasalang Motor Co. for cash, P30,000. Check No. 10025 - Sold merchandise for cash to R. Castro, P2,500.7 - Purchased merchandise for cash from Henry and Sons, P5,700. Check No. 100310- Sold merchandise on account to R. Castro, P50,000. Terms: 2/10, n/30. Invoice No. 200112 - Paid general expenses, P7,200. Check No. 1004Purchased merchandise on account from Danilo Liwanag, P75,000. Terms: 2/10, n/30.Ms. Carpenter withdrew cash for personal use. P5,000. Check No. 1005Sold on account to Rey Aloña, P5,000. Terms: n/10. Invoice No. 200214151719 - Purchased merchandise on account from Cesar Santos, P30.000. Terns n.60.Received full payment in cash from R. Castro for his account on December 10.Sold merchandise on account to Divina del Agua, P24,000. Terms: 2/10, n 30. Invoice No.2003- Paid in full the account due to Danilo Liwanag on the 14th Check No. 1006Returned merchandise worth P3,000 to Cesar Santos. Received a credit memo for the2426Received a 30-day non-interest bearing note from Rey Aloña in settlement of his accounton the 17th28 - Utility expense bills paid, PI,200. Check No. 100729 - Received merchandise retumed by Divina del Agua, P2,000.30 - Wages paid, P5,000. Check No. 1008return.27Required1) Record the transactions using the special journals and general journal. Use the following chart ofaccounts:ACCOUNTCODEACCOUNTCODE451Sales Discount101Cash452Sales Returns and Allowances11Accounts Receivable510Purchases112Notes Receivable113Merchandise551Purchase Discount162Furniture and Fixtures552Purchase Returns and AllowancesWages ExpenseUtilities ExpenseRent ExpenseGeneral Expenses520Delivery TruckAccounts PayableCarpenter, CapitalCarpenter, DrawingSales1655212015243013405254102) Post to the general and subsidiary ledgers.3) Prepare a trial balance.

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Description: ACTIVITY 1PROBLEM SOLVINGDirections: Read and analyze the problem Journalize and post the following transactions ofmerchandising business. After posting to the general and subsidiary Jedgers, prepare the trial balance.The transactions of Karen Carpe

Journal Entry The first foremost important part of the accounting process is journalizing the…

Business

Accounting

ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem Journalize and post the following transactions of a merchandising business. After posting to the general and subsidiary ledgers, prepare the trial balance The transactions of Karen Carpenter for December 2018 were the following. Began business with the following investments: December ! Cash Merchandise P150,000 40,000 Furniture 50,000 2-Paid rent for December, P5,000. Check No. 1001 - Purchased a delivery truck from Dimasalang Motor Co. for cash, P30,000. Check No. 1002 Sold merchandise for cash to R. Castro, P2,500. Purchased merchandise for cash from Henry and Sons, P5,700. Check NO. 1003 "7 2001

ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem Journalize and post the following transactions of a merchandising business. After posting to the general and subsidiary ledgers, prepare the trial balance The transactions of Karen Carpenter for December 2018 were the following. Began business with the following investments: December ! Cash Merchandise P150,000 40,000 Furniture 50,000 2-Paid rent for December, P5,000. Check No. 1001 - Purchased a delivery truck from Dimasalang Motor Co. for cash, P30,000. Check No. 1002 Sold merchandise for cash to R. Castro, P2,500. Purchased merchandise for cash from Henry and Sons, P5,700. Check NO. 1003 "7 2001

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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REQUIREMENTS :1. JOURNALIZE THE TRANSACTIONS 2. POST JOURNAL ENTRIES INTO THE GENERAL LEDGERAND SUBSIDIARY LEDGER 3. MAKE A TRIAL BALANCE Jasmine operates Scent Company, a perfume and soap store. During May 2018, the following transactions were completed. TRANSACTIONMay 1 - Jasmine invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101 May 3- Purchased merchandise on account from Subic, P13,200. Terms: 2/10, n/30. Purchase Invoice 422. May 4 - Paid rent expense for April, P900; Check No. 200. May 5 - Purchased store supplies on account from Alexis, P550. Terms: 1/10, n/30. Purchase Invoice 510. May 8 - Sold merchandise on account to Rustan, P11,000. Terms: 1/10, n/30; Sales Invoice No. 150.Cost of merchandise was P5,500. May 12 - Paid Subic the amount owed on the May 3 purchase, Check No. 201 May 14 - Purchased merchandise on account from Ong’s Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. May…
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