Activity 1.2 Dayana Merchandising Dayana Company had the following transactions during December: a. Sold merchandise on credit for Php5,000, terms 3/10, n/30. The items sold had a cost of Php3,500. b. Purchased merchandise for cash, Php720. c. Purchased merchandise on credit for Php2,600, terms 1/20, n/30. d. Issued a credit memorandum for Php300 to a customer who returned merchandise purchased November 29. The returned items had a cost of Php210. e. Received payment for merchandise sold December 1. f. Received credit memorandum for the return of faulty merchandise purchased on December 4 for Php600. g. Paid freight charges of Php200 for merchandise ordered last month. (FOB shipping point). h. Paid for the merchandise purchased December 4 less the portion that was returned. i. Sold merchandise on credit for Php7,000, terms 2/10, n/30. The items had a cost of Php4,900. j. Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount.)

Activity 1.2 Dayana Merchandising Dayana Company had the following transactions during December: a. Sold merchandise on credit for Php5,000, terms 3/10, n/30. The items sold had a cost of Php3,500. b. Purchased merchandise for cash, Php720. c. Purchased merchandise on credit for Php2,600, terms 1/20, n/30. d. Issued a credit memorandum for Php300 to a customer who returned merchandise purchased November 29. The returned items had a cost of Php210. e. Received payment for merchandise sold December 1. f. Received credit memorandum for the return of faulty merchandise purchased on December 4 for Php600. g. Paid freight charges of Php200 for merchandise ordered last month. (FOB shipping point). h. Paid for the merchandise purchased December 4 less the portion that was returned. i. Sold merchandise on credit for Php7,000, terms 2/10, n/30. The items had a cost of Php4,900. j. Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount.)

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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Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
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Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.