Cepe A. Ko entered into the following transactions during December 2019: 1. Cepe A. Ko invested the following assets: Cash, P100,000 Office supplies, P1,500; Store equipment, P10,800. Store Furniture, P22,200 2. Paid business permits P3,800 2. Paid three months' rent on a lease rental contract, P27,000. One third of the space is use for the office and the rest is for the store. 3. Paid the premiums on property and casualty insurance policies, P2,700. 5. Purchased additional office equipment on account from Office Station Co., P31,200. Freight of P1,800 was paid by Cepe A. Ko. 6. Purchased P100,000 merchandise on account from BSA Co. Terms 2/10 n/30 FOB Shipping point. Freight of P2,000 was paid by BSA 7. Sold P20,000 merchandise for cash. FOB Destination. Freight of P1,000 was paid by Cepe A. Ko. 8. P6,000 of the merchandise bought from BSA Co. were defective. Debit memo was given to BSA Co. and Credit memo was received in 10. Paid cash for a newspaper advertisement, P3,525. 11. Sold to AT Co. P180,000 merchandise on account Terms 2/10, n/30 FOB Shipping point. Freight of P1,500 was paid by AT Co. 12. Paid Office Station Co. for part of the debt incurred on December 5, P7,750.
Cepe A. Ko entered into the following transactions during December 2019: 1. Cepe A. Ko invested the following assets: Cash, P100,000 Office supplies, P1,500; Store equipment, P10,800. Store Furniture, P22,200 2. Paid business permits P3,800 2. Paid three months' rent on a lease rental contract, P27,000. One third of the space is use for the office and the rest is for the store. 3. Paid the premiums on property and casualty insurance policies, P2,700. 5. Purchased additional office equipment on account from Office Station Co., P31,200. Freight of P1,800 was paid by Cepe A. Ko. 6. Purchased P100,000 merchandise on account from BSA Co. Terms 2/10 n/30 FOB Shipping point. Freight of P2,000 was paid by BSA 7. Sold P20,000 merchandise for cash. FOB Destination. Freight of P1,000 was paid by Cepe A. Ko. 8. P6,000 of the merchandise bought from BSA Co. were defective. Debit memo was given to BSA Co. and Credit memo was received in 10. Paid cash for a newspaper advertisement, P3,525. 11. Sold to AT Co. P180,000 merchandise on account Terms 2/10, n/30 FOB Shipping point. Freight of P1,500 was paid by AT Co. 12. Paid Office Station Co. for part of the debt incurred on December 5, P7,750.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
provide Journal entry
Transcribed Image Text:Cepe A. Ko entered into the following transactions during December 2019:
1. Cepe A. Ko invested the following assets:
Cash, P100,000
Office supplies, P1,500;
Store equipment, P10,800.
Store Furniture, P22,200
2. Paid business permits P3,800
2. Paid three months' rent on a lease rental contract, P27,000. One third of the space is use for the office and the rest is for the store.
3. Paid the premiums on property and casualty insurance policies, P2,700.
5. Purchased additional office equipment on account from Office Station Co., P31,200. Freight of P1,800 was paid by Cepe A. Ko.
6. Purchased P100,000 merchandise on account from BSA Co. Terms 2/10 n/30 FOB Shipping point. Freight of P2,000 was paid by BSA Co.
7. Sold P20,000 merchandise for cash. FOB Destination. Freight of P1,000 was paid by Cepe A. Ko.
8. P6,000 of the merchandise bought from BSA Co. were defective. Debit memo was given to BSA Co. and Credit memo was received in response.
10. Paid cash for a newspaper advertisement, P3,525.
11. Sold to AT Co. P180,000 merchandise on account Terms 2/10, n/30 FOB Shipping point. Freight of P1,500 was paid by AT Co.
12. Paid Office Station Co. for part of the debt incurred on December 5, P7,750.
13. Issued credit memo to AT Co. for P4,000 defective goods returned to Cepe A. Ko
14. Purchased P100,000 merchandise on account from BSATT Co. Terms 2/10 n/30 FOB Shipping point. Freight of P2,000 was paid by Cepe A. Ko.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education