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bayment from the Gonzales inc. less ret 00 interest on the mortgage payable. es, PS1,000. handise on account to Ronzales Corp. tion, 2/10, /30. o freight charges on the sale of Feb. 10 upplies for cash, P21,000.

bayment from the Gonzales inc. less ret 00 interest on the mortgage payable. es, PS1,000. handise on account to Ronzales Corp. tion, 2/10, /30. o freight charges on the sale of Feb. 10 upplies for cash, P21,000.

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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Prepare the general journal 

Paid for advertising for the month of February, P6,000. Sold merchandise for cash, P250,000. Paid the amount due from the Feb. 4 transaction. Paid loilo Freight P4,000 for delivering merchandise last Feb. 4. Received returns from the Gonzales Inc., P70,000. Received payment from the Gonzales Inc. less returns and discounts. Paid P26,000 interest on the mortgage payable. Paid salaries, PS1,000. Sold merchandise on account to Ronzales Corp., P392,000. Terms: FOB destination, 2/10, n/30. Paid P4,000 freight charges on the sale of Feb. 16. Acquired supplies for cash, P21,000. Purchased P125,000 of merchandise from Lorada Imports on account. Terms: FOB destination; 1/10, n/30. Paid P7,000 miscellaneous expenses. Received payment from Ronzales Corp. less discounts. Purchased P373,000 of merchandise on account from Agustin Enterprises. Terms: FOB shipping point; 3/10, n/30. Paid La Paz Express P9,000 freight for delivering merchandise acquired from Agustin. Sold merchandise to Ronzales Corp, on account, P420,000. Terms: FOB shipping point; 2/10, n/30. Received returns from Ronzales Corp., P71,000, Buenaflor withdrew P400,000 from the business. Returned merchandise purchased from Agustin on June 24, P25,000. 8 10 12 14 15 16 18 19 20 22 23 24 24 25 26 28 28 77
Transcribed Image Text:Paid for advertising for the month of February, P6,000. Sold merchandise for cash, P250,000. Paid the amount due from the Feb. 4 transaction. Paid loilo Freight P4,000 for delivering merchandise last Feb. 4. Received returns from the Gonzales Inc., P70,000. Received payment from the Gonzales Inc. less returns and discounts. Paid P26,000 interest on the mortgage payable. Paid salaries, PS1,000. Sold merchandise on account to Ronzales Corp., P392,000. Terms: FOB destination, 2/10, n/30. Paid P4,000 freight charges on the sale of Feb. 16. Acquired supplies for cash, P21,000. Purchased P125,000 of merchandise from Lorada Imports on account. Terms: FOB destination; 1/10, n/30. Paid P7,000 miscellaneous expenses. Received payment from Ronzales Corp. less discounts. Purchased P373,000 of merchandise on account from Agustin Enterprises. Terms: FOB shipping point; 3/10, n/30. Paid La Paz Express P9,000 freight for delivering merchandise acquired from Agustin. Sold merchandise to Ronzales Corp, on account, P420,000. Terms: FOB shipping point; 2/10, n/30. Received returns from Ronzales Corp., P71,000, Buenaflor withdrew P400,000 from the business. Returned merchandise purchased from Agustin on June 24, P25,000. 8 10 12 14 15 16 18 19 20 22 23 24 24 25 26 28 28 77
Problem #9 Comprehensive Problem Listed below are the Feb. 1, 2016 account balances of the Teresita Buenaflor Shoes: 110 Cash P 33,000 192,000 413,000 51,000 48,000 120 Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance 130 140 150 160 Land 460,000 170 Building Accumulated Depreciation-Building Equipment Accuimulated Depreciation-Equipment Accounts Payable Salaries Payable Mortgage Payable Buenaflor, Capital Buenaflor, Withdrawals Income Summary 1,750,000 175 180 P 350,000 2,310,000 185 630,000 210 220 108,000 230 2,600,000 1,569,000 310 320 330 410 Sales 420 Sales Returns and Allowances 430 Sales Discounts Purchases Purchases Returns and Allowances 510 520 530 Purchases Discounts Transportation In Salaries Expense Supplies Expense Insurance Expense Depreciation Expense-Building Depreciation Expense-Equipment Transportation Out Advertising Expense Interest Expense Miscellaneous Expense 540 610 620 630 640 650 660 670 680 690 P5,257,000 P5,257,000 During the month of February 2016, the following transactions occurred: Collected P113,000 from customers on account. Paid P64,000 of accounts due less discounts of 3%. Purchased merchandise, P170,000. Terms: FOB shipping point; 3/10, n/30. Sold merchandise on account to Gonzales Inc., P270,000. Terms: FOB shipping point; 2/10, n/30. Feb. 1 24S
Transcribed Image Text:Problem #9 Comprehensive Problem Listed below are the Feb. 1, 2016 account balances of the Teresita Buenaflor Shoes: 110 Cash P 33,000 192,000 413,000 51,000 48,000 120 Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance 130 140 150 160 Land 460,000 170 Building Accumulated Depreciation-Building Equipment Accuimulated Depreciation-Equipment Accounts Payable Salaries Payable Mortgage Payable Buenaflor, Capital Buenaflor, Withdrawals Income Summary 1,750,000 175 180 P 350,000 2,310,000 185 630,000 210 220 108,000 230 2,600,000 1,569,000 310 320 330 410 Sales 420 Sales Returns and Allowances 430 Sales Discounts Purchases Purchases Returns and Allowances 510 520 530 Purchases Discounts Transportation In Salaries Expense Supplies Expense Insurance Expense Depreciation Expense-Building Depreciation Expense-Equipment Transportation Out Advertising Expense Interest Expense Miscellaneous Expense 540 610 620 630 640 650 660 670 680 690 P5,257,000 P5,257,000 During the month of February 2016, the following transactions occurred: Collected P113,000 from customers on account. Paid P64,000 of accounts due less discounts of 3%. Purchased merchandise, P170,000. Terms: FOB shipping point; 3/10, n/30. Sold merchandise on account to Gonzales Inc., P270,000. Terms: FOB shipping point; 2/10, n/30. Feb. 1 24S
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