Homework Help is Here – Start Your Trial Now!
Business
Accounting
Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000 Mar 10 - Received sales returns, P25,000 from March 2 sales Mar 15 - Collected sales on March 2 Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000   Required: Journalize the above transactions using PERPETUAL METHOD (Assume that cost of sales is 60% of the invoice price)

Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000 Mar 10 - Received sales returns, P25,000 from March 2 sales Mar 15 - Collected sales on March 2 Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000   Required: Journalize the above transactions using PERPETUAL METHOD (Assume that cost of sales is 60% of the invoice price)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Bookmoto Marketing has the following transactions for the month of March, 200x:

Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000

Mar 10 - Received sales returns, P25,000 from March 2 sales

Mar 15 - Collected sales on March 2

Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000

 

Required: Journalize the above transactions using PERPETUAL METHOD (Assume that cost of sales is 60% of the invoice price)

Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS