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Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS

Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS

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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Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS 

JIBT DISTRIBUTORS Chart of Accounts Use for Journalization and Posting to the Ledge 100 ASSET 400 101 105 115 120 150 200 201 202 300 301 302 101 105 CASH 115 ACCOUNTS RECEIVABLE MERCHANDISE INVENTORY SUPPLIES EQUIPMENT LIABILITIES ACCOUNTS PAYABLE NOTES PAYABLE EQUITY ANDES, CAPITAL ANDES, DRAWINGS Cash & Cash Equivalents Receivables 401 Inventories 405 410 500 501 503 JIBT DISTRIBUTORS Chart of Accounts Use for Financial Statements Preparation 100 Asset 506 510 530 540 601 400 401 405 410 INCOME SALES SALES RETURNS & ALLOWANCE SALES DISCOUNTS EXPENSES COST OF GOODS SOLD ADVERTISING FREIGHT OUT RENT EXPENSE SALARIES UTILITIES INCOME SUMMARY INCOME } Net Sales 120 150 200 201 202 300 301 302 Prepaid Expenses Property Plant & Equipment LIABILITIES Accounts Payable Notes Payable EQUITY Andes, Capital Andes, Drawings 500 501 503 506 520 530 540 EXPENSES Cost of Goods Sold Advertising Expense Freight out Rent Expense Salaries Utilities
Transcribed Image Text:JIBT DISTRIBUTORS Chart of Accounts Use for Journalization and Posting to the Ledge 100 ASSET 400 101 105 115 120 150 200 201 202 300 301 302 101 105 CASH 115 ACCOUNTS RECEIVABLE MERCHANDISE INVENTORY SUPPLIES EQUIPMENT LIABILITIES ACCOUNTS PAYABLE NOTES PAYABLE EQUITY ANDES, CAPITAL ANDES, DRAWINGS Cash & Cash Equivalents Receivables 401 Inventories 405 410 500 501 503 JIBT DISTRIBUTORS Chart of Accounts Use for Financial Statements Preparation 100 Asset 506 510 530 540 601 400 401 405 410 INCOME SALES SALES RETURNS & ALLOWANCE SALES DISCOUNTS EXPENSES COST OF GOODS SOLD ADVERTISING FREIGHT OUT RENT EXPENSE SALARIES UTILITIES INCOME SUMMARY INCOME } Net Sales 120 150 200 201 202 300 301 302 Prepaid Expenses Property Plant & Equipment LIABILITIES Accounts Payable Notes Payable EQUITY Andes, Capital Andes, Drawings 500 501 503 506 520 530 540 EXPENSES Cost of Goods Sold Advertising Expense Freight out Rent Expense Salaries Utilities
JIBT DISTRIBUTORS APRIL 1 The business, JIBT DISTRIBUTORS, was registered as a single proprietorship, Jonathan Andes invested P39,000. 2 Bought computer equipment for P10,000 cash. 2 Bought merchandise on account from JHARA Supply Co. P15,900, terms 2/10, n/30. 3 Bought office supplies on cash basis for P700. 4 Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. The cost of merchandise sold was P12200. 5 Paid P200 freight on April 4 sale. 6 Received credit from JHARA Supply Co. for merchandise returned P300. 11 Paid JHARA 13 Collected from April 4 customers. 14 Bought merchandise on cash basis for P14,400. 15 Salaries paid P1,500. 16 Borrowed money from PNB Bank, signed a promissory note for P12,000. 17 Received refund from a supplier on cash purchase of April 14; P500. 18 Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30. 20 Paid freight on April 18 purchase, 700 23 Sold merchandise for P16,400. The merchandise sold had a cost of P10,500. 26 Bought merchandise for cash P12,300 27 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment. 28 J. Andes got cash from the business, P2,008. 29 Made refund to cash customer for defective merchandise, P900 on April 30 Sold merchandise on account, P13,700, n/30. Cost the merchandise sold is P11,000. 30 Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500.
Transcribed Image Text:JIBT DISTRIBUTORS APRIL 1 The business, JIBT DISTRIBUTORS, was registered as a single proprietorship, Jonathan Andes invested P39,000. 2 Bought computer equipment for P10,000 cash. 2 Bought merchandise on account from JHARA Supply Co. P15,900, terms 2/10, n/30. 3 Bought office supplies on cash basis for P700. 4 Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. The cost of merchandise sold was P12200. 5 Paid P200 freight on April 4 sale. 6 Received credit from JHARA Supply Co. for merchandise returned P300. 11 Paid JHARA 13 Collected from April 4 customers. 14 Bought merchandise on cash basis for P14,400. 15 Salaries paid P1,500. 16 Borrowed money from PNB Bank, signed a promissory note for P12,000. 17 Received refund from a supplier on cash purchase of April 14; P500. 18 Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30. 20 Paid freight on April 18 purchase, 700 23 Sold merchandise for P16,400. The merchandise sold had a cost of P10,500. 26 Bought merchandise for cash P12,300 27 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment. 28 J. Andes got cash from the business, P2,008. 29 Made refund to cash customer for defective merchandise, P900 on April 30 Sold merchandise on account, P13,700, n/30. Cost the merchandise sold is P11,000. 30 Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500.
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