ANALYZE AND MAKE THE NECESSARY JOURNAL ENTRIES WITH NO EXPLANATIONS.Jan. 1 – May invested the following assets into the business;Cash P 50,000Merchandise 20,000Equipment 40,0002 - Bought tables and chairs for office use, P10,000. Terms: 2/10, n/30.5 – Cash purchases for the day, P5,000.8 – Bought goods from May Store, P10,000. Terms: 50% down and issued a 10-day, 6%note for the balance.- Paid freight for the above goods, P300. F.O.B. shipping point.10 – Bought store supplies for cash, P500.12- Paid the account on January 12.13- Bought goods from MNO Trading, P5,000. Terms: 10 and 5, 2/10, n/30.15 – Bought goods from XYZ Trading, P10,000. Terms: 2/10, n/30.- Paid freight for the above goods, P200. FOB destination.18 - Returned defective goods to XYZ Trading, P1,000.- Paid the note on January 8.24 – Paid in full the account to MNO Trading.25 – Paid in full the account to XYZ Trading.31 – Paid the following expenses;Advertising P 1,000Salaries 5,000Rent 3,000

Journal entries show the business transactions in the books of accounts. Every transaction has a…

Answered: ANALYZE AND MAKE THE NECESSARY JOURNAL…

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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ANALYZE AND MAKE THE NECESSARY JOURNAL ENTRIES WITH NO EXPLANATIONS.
Jan. 1 – May invested the following assets into the business;
Cash P 50,000
Merchandise 20,000
Equipment 40,000
2 - Bought tables and chairs for office use, P10,000. Terms: 2/10, n/30.
5 – Cash purchases for the day, P5,000.
8 – Bought goods from May Store, P10,000. Terms: 50% down and issued a 10-day, 6%
note for the balance.
- Paid freight for the above goods, P300. F.O.B. shipping point.
10 – Bought store supplies for cash, P500.
12- Paid the account on January 12.
13- Bought goods from MNO Trading, P5,000. Terms: 10 and 5, 2/10, n/30.
15 – Bought goods from XYZ Trading, P10,000. Terms: 2/10, n/30.
- Paid freight for the above goods, P200. FOB destination.
18 - Returned defective goods to XYZ Trading, P1,000.
- Paid the note on January 8.
24 – Paid in full the account to MNO Trading.
25 – Paid in full the account to XYZ Trading.
31 – Paid the following expenses;
Advertising P 1,000
Salaries 5,000
Rent 3,000

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