Directions: Bean Company established by Mr. Bean himself begun business on September 1, 2016. Selected transaction for September related to its merchandising businesses are given below. Assuming you are the bookkeeper of bean Company record the forgoing transactions. September 1 Mr. Bean withdrew P1,000,000 from his personal savings account and deposited it under the account of Bean Company . 5 Purchased merchandise from Menggay Company. List price was P60,000 with terms of 10-5, 2/10, n/60 FOB shipping point freight prepaid P2,000 6 Returned defective merchandise to Menggay Company P1,000
Directions: Bean Company established by Mr. Bean himself begun business on September 1, 2016. Selected transaction for September related to its merchandising businesses are given below. Assuming you are the bookkeeper of bean Company record the forgoing transactions. September 1 Mr. Bean withdrew P1,000,000 from his personal savings account and deposited it under the account of Bean Company . 5 Purchased merchandise from Menggay Company. List price was P60,000 with terms of 10-5, 2/10, n/60 FOB shipping point freight prepaid P2,000 6 Returned defective merchandise to Menggay Company P1,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A. Directions: Bean Company established by Mr. Bean himself begun business on September 1, 2016. Selected transaction for September related to its merchandising businesses are given below. Assuming you are the bookkeeper of bean Company record the forgoing transactions. September 1 Mr. Bean withdrew P1,000,000 from his personal savings account and deposited it under the account of Bean Company .
5 Purchased merchandise from Menggay Company. List price was P60,000 with terms of 10-5, 2/10, n/60 FOB shipping point freight prepaid P2,000
6 Returned defective merchandise to Menggay Company P1,000
12 Bont Trading settled its account in full
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