Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Prepare:Journal entryTrial balance Sept. 1- She invested P100,500 cash and an old office equipment presently valued at P33,200which she bought 2 years ago for P50,000.Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABCpaid P1,500 for the freight cost.Sept. 3- Sold MDSE for cash amounted to P10,600.Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance2/10, n/30.Sept. 7- Sold MDSE to Jay Cesar for P12,500. Terms: 2/1o, n/30, FOB Shipping point.Sept. 8 - Purchased from COVID Furniture a display counted for P6,000. Terms : 50% downpayment, balance 1/10, n/30.Sept. 9 - Sold MDSE to Giles Anthony for P14,000. Terms: 2/10, n/30, FOB destination. Paidfreight cost of P800.Sept. 12 - Purchased MDSE from Mini Mart. For P4,000. Terms: 2/10, n/30.Sept. 14- Sold goods ro April Anne amounted to P6,350. Terms: Cash on delivery.Sept. 15- Paid salaries of sales clerk amounting to P8,00.Sept. 16- Paid in full Covid Furniture for the Sept. 8 account.Sept. 17- Collected in full Jay Cesar less discount of 2%.Sept. 22- Paid in full account to Mini Mart.Sept. 24 - Collected account of Giles Anthony in full.Sept. 25- Paid the monthly rental net of 5% withholding tax P4,750.Sept. 30- Paid the salaries of sales clerk for the second half amounting to P7,500 net of thefollowing deductions: SSS P200; PHIC P100 and HDMF P100.

Journal Entry The purpose of preparing the journal entry to entry the required transaction into…

Answered: Cielo Bonita is engaged in buying and…

Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Prepare: Journal entry Trial balance

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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