Directions: Read the statements carefully. Record the following business transactions in The General Journal. Post and Prepare a Trial Balance 1. January 1- Ms. Gutierrez invested the following: a) Bank deposit with Banco de Oro, P850,000 b) Merchandise with net realizable value of P250,000; c) Transportation Equipment with fair market value of P1,800,000. 2. January 2- Purchased merchandise in cash from Rowena Tuyor Trading costing P150,000 and paid freight and handling, P2,500. 3. January 3 - Returned P3,000 cost of merchandise to Rowena Tuyor Trading due to some defects and no replacements have been made. 4. January 5- Sold merchandise for cash, P120,000 to R. Guiang Grocery ang gave a 3% trade discount and paid freight on shipment, P3,500. 5. January 7- Purchase merchandise on account from S. Madelo, P50,000. Term 3/10, ni30. 6. January 8– Sold merchandise on account to F. Ybanez Trading, P185,000 Term 2/10, n/30. Paid freight on shipment, P1.200.

Directions: Read the statements carefully. Record the following business transactions in The General Journal. Post and Prepare a Trial Balance 1. January 1- Ms. Gutierrez invested the following: a) Bank deposit with Banco de Oro, P850,000 b) Merchandise with net realizable value of P250,000; c) Transportation Equipment with fair market value of P1,800,000. 2. January 2- Purchased merchandise in cash from Rowena Tuyor Trading costing P150,000 and paid freight and handling, P2,500. 3. January 3 - Returned P3,000 cost of merchandise to Rowena Tuyor Trading due to some defects and no replacements have been made. 4. January 5- Sold merchandise for cash, P120,000 to R. Guiang Grocery ang gave a 3% trade discount and paid freight on shipment, P3,500. 5. January 7- Purchase merchandise on account from S. Madelo, P50,000. Term 3/10, ni30. 6. January 8– Sold merchandise on account to F. Ybanez Trading, P185,000 Term 2/10, n/30. Paid freight on shipment, P1.200.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 17E: Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc....

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