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ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem. Journalize and post the following transactions of the 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 P150,000 Merchandise 40,000 Furniture 50,000 - Paid rent for December. P5.000. Check No. 1001

ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem. Journalize and post the following transactions of the 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 P150,000 Merchandise 40,000 Furniture 50,000 - Paid rent for December. P5.000. Check No. 1001

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 2MP
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ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem. Journalize and post the following transactions of the 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: December ! Began business with the following investments: P1 50,000 40,000 C'ash Merchandise Furniture 50.000 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 Sold merchandise on account to R. Castro, P50,000. Terms: 2/10, n/30. Invoice No. 2001 Paid general expenses, P7,200. Check No. 1004 Purchased merchandise on account from Danilo Liwanag, P75,000. Terms: 2/10, n/30. Ms. Carpenie withdrew casih for personal use. P5,000. Check No. 1005 Sold on account to Rey Aloña, P5,000 Terms: n/10. Invoice No. 2002 Purchased merchandise on account from C'esar Santos, P30,000. Terms: n/60. Received ful! 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. 10 12 14 15 17 19 20 23 2003 Paid in full the account due to Danilo Liwanag on the 14th Check No. 1006 Returned merchandise worth P3,000 to Cesar Santos. Received a credit memo for the 24 26 return. 27 - Received a 30-day non-interest bearing note from Rey Aloña in settlement of his account on the 17th Utility expense bills paid, PI,200 Check No. 1007 Received merchandise retumed by Divina del Agua, P2,000. 28 29 30 Wages paid. P5,000. Check No. 1008 Required: 1) Record the transactions using the special journals and general journal. Use the following chart of accounts: CODE ACCOUNT CODE ACCOUNT 101 C'ash 451 Sales Discount Accounts Receivable 452 Sales Returns and Allowances 112 Notes Receivable 510 Purchases 113 Merchandise 551 Purchase Discount 162 Furniture and Fixtures 552 Purchase Returns and Allowances Delivery Truck Accounts Payable Carpenter, Capital Carpenter, Drawing Wages Expense Utilities Expense Rent Expense General Expenses 165 520 201 521 301 524 340 525 410 Sales 2) Post to the general and subsidiary ledgers. 3) Prepare a trial balance.
Transcribed Image Text:ACTIVITY 1 PROBLEM SOLVING Directions: Read and analyze the problem. Journalize and post the following transactions of the 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: December ! Began business with the following investments: P1 50,000 40,000 C'ash Merchandise Furniture 50.000 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 Sold merchandise on account to R. Castro, P50,000. Terms: 2/10, n/30. Invoice No. 2001 Paid general expenses, P7,200. Check No. 1004 Purchased merchandise on account from Danilo Liwanag, P75,000. Terms: 2/10, n/30. Ms. Carpenie withdrew casih for personal use. P5,000. Check No. 1005 Sold on account to Rey Aloña, P5,000 Terms: n/10. Invoice No. 2002 Purchased merchandise on account from C'esar Santos, P30,000. Terms: n/60. Received ful! 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. 10 12 14 15 17 19 20 23 2003 Paid in full the account due to Danilo Liwanag on the 14th Check No. 1006 Returned merchandise worth P3,000 to Cesar Santos. Received a credit memo for the 24 26 return. 27 - Received a 30-day non-interest bearing note from Rey Aloña in settlement of his account on the 17th Utility expense bills paid, PI,200 Check No. 1007 Received merchandise retumed by Divina del Agua, P2,000. 28 29 30 Wages paid. P5,000. Check No. 1008 Required: 1) Record the transactions using the special journals and general journal. Use the following chart of accounts: CODE ACCOUNT CODE ACCOUNT 101 C'ash 451 Sales Discount Accounts Receivable 452 Sales Returns and Allowances 112 Notes Receivable 510 Purchases 113 Merchandise 551 Purchase Discount 162 Furniture and Fixtures 552 Purchase Returns and Allowances Delivery Truck Accounts Payable Carpenter, Capital Carpenter, Drawing Wages Expense Utilities Expense Rent Expense General Expenses 165 520 201 521 301 524 340 525 410 Sales 2) Post to the general and subsidiary ledgers. 3) Prepare a trial balance.
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