Add 12% vAT to all sales, purchases and freight invoices. JOURNALIZE| 2015 Dec. 1 Received additional cash investment from Hershey Chan, P230,000 and merchandise worth P75,000. Issued check no. 1781 in payment for the previous month's light and water bills, P2,500. 3 Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%. Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account, P18,500. Terms: 2/5, n/30. Granted 10% allowance on the merchandise sold to Atty. Rudolf. Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45, FOB shipping point. Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7, P1,300. Received payment from Atty. Rudolf. Issued check no. 1782 in payment of the account to AZ Commodities. 13 4 5 7 10 12 Issued check no. 1783 in payment of the cash purchases amounting P13,800. 14 Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down payment, balance 5/15, n/60. Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less 5% withholding tax Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500. Terms: n/30. 15 17 18 Cash sales, P17,850. 19 Refunded customer for merchandise delivered with defects, P800, (without VAT).
Add 12% vAT to all sales, purchases and freight invoices. JOURNALIZE| 2015 Dec. 1 Received additional cash investment from Hershey Chan, P230,000 and merchandise worth P75,000. Issued check no. 1781 in payment for the previous month's light and water bills, P2,500. 3 Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%. Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account, P18,500. Terms: 2/5, n/30. Granted 10% allowance on the merchandise sold to Atty. Rudolf. Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45, FOB shipping point. Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7, P1,300. Received payment from Atty. Rudolf. Issued check no. 1782 in payment of the account to AZ Commodities. 13 4 5 7 10 12 Issued check no. 1783 in payment of the cash purchases amounting P13,800. 14 Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down payment, balance 5/15, n/60. Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less 5% withholding tax Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500. Terms: n/30. 15 17 18 Cash sales, P17,850. 19 Refunded customer for merchandise delivered with defects, P800, (without VAT).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Add 12% VAT to all sales, purchases and freight invoices. JOURNALIZE
2015
Received additional cash investment from Hershey Chan, P230,000 and
merchandise worth P75,000.
Issued check no. 1781 in payment for the previous month's light and water bills,
P2,500.
Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%.
Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account,
P18,500. Terms: 2/5, n/30.
Granted 10% allowance on the merchandise sold to Atty. Rudolf.
Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45,
FOB shipping point.
Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7,
Dec. 1
3
4
5
7
9
P1,300.
Received payment from Atty. Rudolf.
Issued check no. 1782 in payment of the account to AZ Commodities.
Issued check no. 1783 in payment of the cash purchases amounting P13,800.
Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down
payment, balance 5/15, n/60.
Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less
5% withholding tax
Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500.
Terms: n/30.
10
12
13
14
15
17
Cash sales, P17,850.
Refunded customer for merchandise delivered with defects, P800, (without VAT).
18
19
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