ACTIVITY 1PROBLEM SOLVINGDirections: Read and analyze the problem, Journalize and post the following transactions of themerchandising 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:P150,00040,00050,000CashMerchandiseFurniture- Paid rent for December, P5,000. Check No. 1001Purchased a delivery truck from Dimasalang Motor Co. for cash, P30,000. Check No. 10025 - Sold merchandise for cash to R. Castro, P2,500.Purchased merchandise for cash from Henry and Sons, P5,700. Check No. 1003Sold merchandise on account to R. Castro, P50,000. Terms: 2/10, n/30. Invoice No. 2001Paid 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. 100517 - Sold on account to Rey Aloña, P5,000. Terms: n/10. Invoice No. 200210121415Purchased merchandise on account from Cesar Santos, P30,000. Ternis: 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.20232003Paid in full the account due to Danilo Liwanag on the 14th Check No. 100626 - Returned merchandise worth P3,000 to Cesar Santos. Received a credit memo for thereturn.27 -Received a 30-day non-interest bearing note from Rey Aloña in settlement of his accounton the 17thUtility expense bills paid, P.I,200. Check No. 1007Received merchandise returned by Divina del Agua, P2,000.Wages paid, P5,000. Check No. 1008282930Required:1) Record the transactions using the special journals and general journal. Use the following chart ofaccounts:CODEACCOUNTCODEACCOUNT101Cash451Sales Discount111Accounts Receivable452Sales Returns and Allowances112Notes Receivable510Purchases113Merchandise551Purchase Discount162Furniture and Fixtures552Purchase Returns and AllowancesDelivery TruckAccounts PayableCarpenter, CapitalCarpenter, DrawingWages ExpenseUtilities ExpenseRent ExpenseGeneral Expenses165520201521301524340525410Sales2) Post to the general and subsidiary ledgers.3) Prepare a trial balance.

Journal Entry The basic process of accounting work is to journalize the required transaction in…

ACTIVITY 1 ROBLEM SOLVING irections: Read and analyze the problem. Journalize and post the following transactions of the nerchandising 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: P150,000 40,000 50,000 December ! Cash Merchandise Furniture - Paid rent for December, P5,000. Check No. 1001 3. 2. 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 1] 2001

ACTIVITY 1 ROBLEM SOLVING irections: Read and analyze the problem. Journalize and post the following transactions of the nerchandising 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: P150,000 40,000 50,000 December ! Cash Merchandise Furniture - Paid rent for December, P5,000. Check No. 1001 3. 2. 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 1] 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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