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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

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

FINANCIAL ACCOUNTING
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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