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DIRECTIONS: Read carefully the given transactions. Record the appropriate transaction in the General Journal using the correct format. Below are the transactions of Victoria Emmanucl Enterprises for the month of May 2020. May 3 Mrs. Victoria Emmanuel invested P500,000 cash. Purchases from Tres Merchants P50,000 merehandise Terms: 3/10. n/20. May 6 Scid merchandise to Gemini Enterprises, P32.000. Terms: 2/10, n/30. May 5 May 9 Purchased office supplies from Tata Co. for cash, P3.000 through Check No. 0031 May 11 Gemini Enterprises settled its account in full. Issued OR#10241 Purchased merchandise from Pula Trading, P55,000 Terms: P25,000 down payment, balance on account. Terms: 2/10, n/30. Check No 0032. May 16

DIRECTIONS: Read carefully the given transactions. Record the appropriate transaction in the General Journal using the correct format. Below are the transactions of Victoria Emmanucl Enterprises for the month of May 2020. May 3 Mrs. Victoria Emmanuel invested P500,000 cash. Purchases from Tres Merchants P50,000 merehandise Terms: 3/10. n/20. May 6 Scid merchandise to Gemini Enterprises, P32.000. Terms: 2/10, n/30. May 5 May 9 Purchased office supplies from Tata Co. for cash, P3.000 through Check No. 0031 May 11 Gemini Enterprises settled its account in full. Issued OR#10241 Purchased merchandise from Pula Trading, P55,000 Terms: P25,000 down payment, balance on account. Terms: 2/10, n/30. Check No 0032. May 16

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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General Journal

Part III. Activity 1. RECORDING DIRECTIONS: Read carefully the given transactions. Record the appropriate transaction in the General Journal using the correct format. Below are the transactions of Victoria Emmanucl Enterprises for the month of May 2020. May 3 Mrs. Victoria Emmanuel invested P500,000 cash. Purchases from Tres Merchants P50.000 merchandıse Terms: 3/10, n/20. May 6 Scid merehandise to Gemini Enterprises, P32.000. Terms: 2/10, n/30. May 5 May 9 Purchased office supplies from Tata Co. for cash, P3.000 through Check No. 0031- May 11 Gemini Enterprıses settled its account in full. Issued OR#10241 Purchased merchandise from Pula Trading. P55.000 Terms: P25,000 down payment, balance on account. Terms: 2/10, n/30. Check No 0032. May 16 May 25 Purchased merchandise from Maria Jonela Shop, P201,600. Terms: 2 10, n/30. May 26 Sold to Marikit Enterprises P150.000 worth of merchandise. Terms: 2/10, n/30. May 30 Purchases trom Dubai Trading P80,000. Terms: 2/15, n/30, Procedures: 1. Prepare a General Journal with the following format:
Transcribed Image Text:Part III. Activity 1. RECORDING DIRECTIONS: Read carefully the given transactions. Record the appropriate transaction in the General Journal using the correct format. Below are the transactions of Victoria Emmanucl Enterprises for the month of May 2020. May 3 Mrs. Victoria Emmanuel invested P500,000 cash. Purchases from Tres Merchants P50.000 merchandıse Terms: 3/10, n/20. May 6 Scid merehandise to Gemini Enterprises, P32.000. Terms: 2/10, n/30. May 5 May 9 Purchased office supplies from Tata Co. for cash, P3.000 through Check No. 0031- May 11 Gemini Enterprıses settled its account in full. Issued OR#10241 Purchased merchandise from Pula Trading. P55.000 Terms: P25,000 down payment, balance on account. Terms: 2/10, n/30. Check No 0032. May 16 May 25 Purchased merchandise from Maria Jonela Shop, P201,600. Terms: 2 10, n/30. May 26 Sold to Marikit Enterprises P150.000 worth of merchandise. Terms: 2/10, n/30. May 30 Purchases trom Dubai Trading P80,000. Terms: 2/15, n/30, Procedures: 1. Prepare a General Journal with the following format:
Procedures: 1. Prepare a General Journal with the following format: ND GENERAL JOURNAL Account Titte and Date Ret DR CR Explanation Read and anaivze the transactions carefully 2. Identify appropriate transaction/s that should be recorded in the general journal then fill out the columns properly. Guide Questions: I What important considerations should you have in preparing error-free general journal? 2. What are the significant elements of the general journal? 3. What are the transactions that are to be recordedi in the general journai? When does the transaction happened? What are the significant accounts that are affected in the transaction, and by how much?
Transcribed Image Text:Procedures: 1. Prepare a General Journal with the following format: ND GENERAL JOURNAL Account Titte and Date Ret DR CR Explanation Read and anaivze the transactions carefully 2. Identify appropriate transaction/s that should be recorded in the general journal then fill out the columns properly. Guide Questions: I What important considerations should you have in preparing error-free general journal? 2. What are the significant elements of the general journal? 3. What are the transactions that are to be recordedi in the general journai? When does the transaction happened? What are the significant accounts that are affected in the transaction, and by how much?
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