Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS JIBT DISTRIBUTORSChart of AccountsUse for Journalization and Posting to the Ledge100ASSET400101105115120150200201202300301302101105CASH115ACCOUNTS RECEIVABLEMERCHANDISE INVENTORYSUPPLIESEQUIPMENTLIABILITIESACCOUNTS PAYABLENOTES PAYABLEEQUITYANDES, CAPITALANDES, DRAWINGSCash & Cash EquivalentsReceivables401Inventories405410500501503JIBT DISTRIBUTORSChart of AccountsUse for Financial Statements Preparation100Asset506510530540601400401405410INCOMESALESSALES RETURNS & ALLOWANCESALES DISCOUNTSEXPENSESCOST OF GOODS SOLDADVERTISINGFREIGHT OUTRENT EXPENSESALARIESUTILITIESINCOME SUMMARYINCOME}Net Sales120150200201202300301302Prepaid ExpensesProperty Plant & EquipmentLIABILITIESAccounts PayableNotes PayableEQUITYAndes, CapitalAndes, Drawings500501503506520530540EXPENSESCost of Goods SoldAdvertising ExpenseFreight outRent ExpenseSalariesUtilities JIBT DISTRIBUTORSAPRIL 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 ofmerchandise sold was P12200.5 Paid P200 freight on April 4 sale.6 Received credit from JHARA Supply Co. for merchandise returned P300.11 Paid JHARA13 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, 70023 Sold merchandise for P16,400. The merchandise sold had a cost of P10,500.26 Bought merchandise for cash P12,30027 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 Soldmerchandise 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.

Journal entries are the primary recording makes in the books of account. All the transactions are…

Answered: Create a General Journal Merchandise…

Business

Accounting

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

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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