Add 12% VAT to all sales, purchases and freight invoices. JOURNALIZE 2015 July 1 Received from Henry Sy cash investment of P250,000 and merchandise worth P60,000. Sales invoice # 827 for sales on account to Dada Store , P17,800 Cash sales total, P28,500. Granted allowance on the Sales Invoice No. 827 due to error in delivery, P780. Received telephone bill, P550. 2 3 4 5 Received bank loan proceeds, principal amount, P50,000; interest deducted in advance, P500, and issued 30-day interest bearing note. Paid telephone bill with check No. 10387. Purchased tables and chairs from prime Furniture House, P35,000. Terms: 10% down payment with check no. 10388, 2/10, n/30. Purchased merchandise from General Merchandisers, P60,000. Terms: 20% down payment with check no. 10389 Paid salaries, P20,000, issued check no. 10390 less 10% withholding tax. Purchased merchandise from Ever Company, P7,500. Terms: COD, issued check no. 10391. 10 11 13 14 15 16 18 Purchased merchandise on account from Dale Manufacturers, P75,000. Terms: 1/15, n/30. Received cash refund from Ever Company for merchandise returned due to defects, P900, (without VAT) Paid amount due General Merchandisers, with check no. 10393. 19 19 Received allowance from Dale Manufacturers due to defects on merchandise received, P1,000, without VAT. Sold merchandise for cash with a list price of P30,000 and a trade discount of 10% 20 21 22 Sales invoice no. 828 for sales on account to Yssa Store, P25,000. Terms: P5,000 down, 2/5, n/30. Paid amount due Prime Furniture House, with check no. 10394. Paid amount due Dale Manufacturers, with check no. 10395. Collected amount due for sales invoice no. 827. Purchased merchandise from Dale Manufacturers, P10,800. Terms: 1/5, n/30. 23 23 25 25 26 Sales invoice no. 829 for sales on account to Colette Store, P8,700. Terms: P 1.740 down, balance n/eom. Purchased office supplies on account from Crown Supplies, P3,000. Terms: n/eom. Sales Invoice no. 830 for sales on account to Allison Store, P5,000. Terms: 2/5, n/30. Paid amount due Crown Supplies, with check no. 10396. Collected amount due for sales invoice no. 829. 27 27 31 31 Paid salaries, P20,000 less 10% withholding tax, 3% SSS, 1.5% Philhealth and 2% Pag- IBIG. 31 31 Close input tax against output tax.
Add 12% VAT to all sales, purchases and freight invoices. JOURNALIZE 2015 July 1 Received from Henry Sy cash investment of P250,000 and merchandise worth P60,000. Sales invoice # 827 for sales on account to Dada Store , P17,800 Cash sales total, P28,500. Granted allowance on the Sales Invoice No. 827 due to error in delivery, P780. Received telephone bill, P550. 2 3 4 5 Received bank loan proceeds, principal amount, P50,000; interest deducted in advance, P500, and issued 30-day interest bearing note. Paid telephone bill with check No. 10387. Purchased tables and chairs from prime Furniture House, P35,000. Terms: 10% down payment with check no. 10388, 2/10, n/30. Purchased merchandise from General Merchandisers, P60,000. Terms: 20% down payment with check no. 10389 Paid salaries, P20,000, issued check no. 10390 less 10% withholding tax. Purchased merchandise from Ever Company, P7,500. Terms: COD, issued check no. 10391. 10 11 13 14 15 16 18 Purchased merchandise on account from Dale Manufacturers, P75,000. Terms: 1/15, n/30. Received cash refund from Ever Company for merchandise returned due to defects, P900, (without VAT) Paid amount due General Merchandisers, with check no. 10393. 19 19 Received allowance from Dale Manufacturers due to defects on merchandise received, P1,000, without VAT. Sold merchandise for cash with a list price of P30,000 and a trade discount of 10% 20 21 22 Sales invoice no. 828 for sales on account to Yssa Store, P25,000. Terms: P5,000 down, 2/5, n/30. Paid amount due Prime Furniture House, with check no. 10394. Paid amount due Dale Manufacturers, with check no. 10395. Collected amount due for sales invoice no. 827. Purchased merchandise from Dale Manufacturers, P10,800. Terms: 1/5, n/30. 23 23 25 25 26 Sales invoice no. 829 for sales on account to Colette Store, P8,700. Terms: P 1.740 down, balance n/eom. Purchased office supplies on account from Crown Supplies, P3,000. Terms: n/eom. Sales Invoice no. 830 for sales on account to Allison Store, P5,000. Terms: 2/5, n/30. Paid amount due Crown Supplies, with check no. 10396. Collected amount due for sales invoice no. 829. 27 27 31 31 Paid salaries, P20,000 less 10% withholding tax, 3% SSS, 1.5% Philhealth and 2% Pag- IBIG. 31 31 Close input tax against output tax.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
CONTINUE THE JOURNALIZING
Transcribed Image Text:Sr No Particulars
1 Cash A/c Dr
Debit
Credit
250,000
Merchandise/Goods A/c Dr
60,000
To Henry Sy A/c Cr
310,000
2 Dada Store A/c Dr
19,936
To Sales A/c
17,800
To Vat payable A/c
3 Cash A/c Dr
2,136
31,920
To Sales A/c
28,500
TO VAT Payable A/c
4 Discount given A/c Dr
3,420
780
To Dada Store A/c
780
(780 assumed to be inclusive of VAT)
5 Telephone Bill Expense
550
To Telephone Bill Payable
550
10 Bank A/c Dr
49,500
Interest paid in Advance A/c Dr
500
To Bank Loan A/c
50,000
11 Telephone charges A/c Dr
550
To Bank A/c
13 Tables and chairs A/c Dr
550
35,000
VAT paid A/c Dr
4,200
To Bank A/c
3,920
To Prime furniture house A/c
14 Merchandise(Goods) A/c Dr
35,280
60,000
VAT Paid A/c Dr
7,200
To Bank A/c
13,440
To General merchandisers
53,760
15 Salaries A/c Dr
20,000
To bank A/c
18,000
To Withholding Tax payable
2,000
16 Merchandise(Goods) A/c Dr
7,500
VAT Paid
Dr
900
To Bank A/c
8,400
18 Merchandise A/c Dr
75,000
VAT Paid A/c Dr
9,000
To Dale Manufacturers A/c
84,000
19 Cash A/c Dr
900
VAT refund receivable A/c Dr
108
To Merchandise A/c
1008
19 General Merchandisers A/c Dr
To Bank A/c
53,760
53,760
20 Cash (Allowance) A/c Dr
VAT refund receivable A/c
1,000
120
To Dale Manufacturers A/c
1,120
21 Cash A/c Dr
30,240
To Merchandise A/c
27,000
To VAT payable A/c
3,240
Transcribed Image Text:Add 12% VAT to all sales, purchases and freight invoices. JOURNALIZE
2015
July 1
Received from Henry Sy cash investment of P250,000 and merchandise worth
P60,000.
Sales invoice # 827 for sales on account to Dada Store , P17,800
Cash sales total, P28,500.
Granted allowance on the Sales Invoice No. 827 due to error in delivery, P780.
Received telephone bill, P550.
Received bank loan proceeds, principal amount, P50,000; interest deducted in advance,
P500, and issued 30-day interest bearing note.
Paid telephone bill with check No. 10387.
Purchased tables and chairs from prime Furniture House, P35,000. Terms:
10% down payment with check no. 10388, 2/10, n/30.
Purchased merchandise from General Merchandisers, P60,000. Terms:
20% down payment with check no. 10389
Paid salaries, P20,000, issued check no. 10390 less 10% withholding tax.
Purchased merchandise from Ever Company, P7,500. Tems: COD, issued
check no. 10391.
2
3
4
5
10
11
13
14
15
16
Purchased merchandise on account from Dale Manufacturers, P75,000.
Terms: 1/15, n/30.
Received cash refund from Ever Company for merchandise returned due
to defects, P900, (without VAT)
Paid amount due General Merchandisers, with check no. 10393.
Received allowance from Dale Manufacturers due to defects on
merchandise received, P1,000, without VAT.
Sold merchandise for cash with a list price of P30,000 and a trade discount
of 10%
18
19
19
20
21
Sales invoice no. 828 for sales on account to Yssa Store, P25,000. Tems: P5,000
down, 2/5, n/30.
Paid amount due Prime Furniture House, with check no. 10394.
Paid amount due Dale Manufacturers, with check no. 10395.
Collected amount due for sales invoice no. 827.
Purchased merchandise from Dale Manufacturers, P10,800. Terms: 1/5,
n/30.
22
23
23
25
25
Sales invoice no. 829 for sales on account to Colette Store, P8,700. Terms:
P 1.740 down, balance n/eom.
Purchased office supplies on account from Crown Supplies, P3,000.
Terms: n/eom.
Sales Invoice no. 830 for sales on account to Allison Store, P5,000. Terms: 2/5, n/30.
Paid amount due Crown Supplies, with check no. 10396.
Collected amount due for sales invoice no. 829.
26
27
27
31
31
31
Paid salaries, P20,000 less 10% withholding tax, 3% SSS, 1.5% Philhealth and 2% Pag-
IBIG.
31
Close input tax against output tax.
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