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Business
Accounting
Chart of Accounts Account Number Account Titles Cash Accounts Receivable Supplies Prepaid Advertising Merchandise Inventory 110 120 130 140 150 160 210 220 230 240 250 310 320 410 420 430 510 520 530 540 610 620 630 640 650 700 Service Vehicle Accounts Payable SSS Payable Pag-IBIG Payable Philhealth Payable Notes Payable Lopez, Capital Lopez, Drawings Sales Sales Returns and Allowances Sales Discount Purchases Freight In Purchase Returns and Allowances Purchase Discount Freight Out Salaries Expense Rent Expense Telephone Expense Miscellaneous Expense Income Summary

Chart of Accounts Account Number Account Titles Cash Accounts Receivable Supplies Prepaid Advertising Merchandise Inventory 110 120 130 140 150 160 210 220 230 240 250 310 320 410 420 430 510 520 530 540 610 620 630 640 650 700 Service Vehicle Accounts Payable SSS Payable Pag-IBIG Payable Philhealth Payable Notes Payable Lopez, Capital Lopez, Drawings Sales Sales Returns and Allowances Sales Discount Purchases Freight In Purchase Returns and Allowances Purchase Discount Freight Out Salaries Expense Rent Expense Telephone Expense Miscellaneous Expense Income Summary

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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Chart of Accounts Account Number Account Titles Cash Accounts Receivable Supplies Prepaid Advertising Merchandise Inventory 110 120 130 140 150 160 210 220 230 240 250 310 320 410 420 430 510 520 530 540 610 620 630 640 650 700 Service Vehicle Accounts Payable SSS Payable Pag-IBIG Payable Philhealth Payable Notes Payable Lopez, Capital Lopez, Drawings Sales Sales Returns and Allowances Sales Discount Purchases Freight In Purchase Returns and Allowances Purchase Discount Freight Out Salaries Expense Rent Expense Telephone Expense Miscellaneous Expense Income Summary
Transcribed Image Text:Chart of Accounts Account Number Account Titles Cash Accounts Receivable Supplies Prepaid Advertising Merchandise Inventory 110 120 130 140 150 160 210 220 230 240 250 310 320 410 420 430 510 520 530 540 610 620 630 640 650 700 Service Vehicle Accounts Payable SSS Payable Pag-IBIG Payable Philhealth Payable Notes Payable Lopez, Capital Lopez, Drawings Sales Sales Returns and Allowances Sales Discount Purchases Freight In Purchase Returns and Allowances Purchase Discount Freight Out Salaries Expense Rent Expense Telephone Expense Miscellaneous Expense Income Summary
12:14 Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was 04 made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. Document (36) 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00 freight for January 11 transactions. 14 Returned defective merchandise to Puregold amounting to PHP 4,500.00. 15 Paid salaries, PHP 5,600.00. 16 Signed a promissory note for PHP 30,000.00 ed amount from Commonwealth Bank. 17 Received returned merchandise from customer PHP 3,500.00. 18 Paid PHP 5,700.00 of the amount owed from the transaction of January 02. 19 Purchase additional groceries from Talavera Supermarket amounting to PHP 44,000.00. 20 Collected full settlement of a customer from January 11 transactions. 24 Paid telephone expense, PHP 1,600.00. 25 Paid building rentals for the month, PHP 4,800.00 26 Settled accounts to Puregold. 27 PHP 41,750.00 cost of merchandise sold for PHP 58,450.00. 28 Withdrew PHP 20,000.00 from the business. 29 Paid miscellaneous expenses, PHP 3,430.00. 30 Paid the first installment of the note payable on Service Vehicle, PHP 8,500.00. 31 Paid Salaries PHP 5,100.00, net of the following deductions: SSS, PHP 380.00; Pag-IBIG, PHP 100.00; Philhealth, PHP 220.00. The remaining inventory at the end of the month is PHP 20,000.00. Chart of Accounts a Account Number Account Titles Cash Accounts Receivable Supplies Prepaid Advertising Merchandise Inventory 110 120 130 140 150 160 210 220 230 240 250 310 Service Vehicle Accounts Payable SSS Payable Pag-IBIG Payable Philhealth Payable Notes Pavable Lopez, Capital Ⓡ. ||
Transcribed Image Text:12:14 Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 01 Mr. Lopez withdrew PHP 150,000.00 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 02 Bought grocery supplies on account PHP 10,700.00. Acquired a service vehicle costing PHP 76,000.00. A payment of PHP 25,000.00 Cash was 04 made and a note payable was given for the PHP 51,000.00 remainder payable for 6 equal monthly installments. Document (36) 06 Purchased merchandise from Puregold PHP 49,500.00, terms 5/10, 3/20. 07 Paid PHP 1,600.00 delivery charge for January 04 transactions. 08 Paid for three months of advertising and recorded Prepaid Advertising in the amount of PHP 6,000.00 11 Sold merchandise on account PHP 42,000.00 with 40% mark-up from the inventory cost of PHP 30,000.00, term 2/10, n/30. 12 Paid PHP 1,200.00 freight for January 11 transactions. 14 Returned defective merchandise to Puregold amounting to PHP 4,500.00. 15 Paid salaries, PHP 5,600.00. 16 Signed a promissory note for PHP 30,000.00 ed amount from Commonwealth Bank. 17 Received returned merchandise from customer PHP 3,500.00. 18 Paid PHP 5,700.00 of the amount owed from the transaction of January 02. 19 Purchase additional groceries from Talavera Supermarket amounting to PHP 44,000.00. 20 Collected full settlement of a customer from January 11 transactions. 24 Paid telephone expense, PHP 1,600.00. 25 Paid building rentals for the month, PHP 4,800.00 26 Settled accounts to Puregold. 27 PHP 41,750.00 cost of merchandise sold for PHP 58,450.00. 28 Withdrew PHP 20,000.00 from the business. 29 Paid miscellaneous expenses, PHP 3,430.00. 30 Paid the first installment of the note payable on Service Vehicle, PHP 8,500.00. 31 Paid Salaries PHP 5,100.00, net of the following deductions: SSS, PHP 380.00; Pag-IBIG, PHP 100.00; Philhealth, PHP 220.00. The remaining inventory at the end of the month is PHP 20,000.00. Chart of Accounts a Account Number Account Titles Cash Accounts Receivable Supplies Prepaid Advertising Merchandise Inventory 110 120 130 140 150 160 210 220 230 240 250 310 Service Vehicle Accounts Payable SSS Payable Pag-IBIG Payable Philhealth Payable Notes Pavable Lopez, Capital Ⓡ. ||
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