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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Jan 1 - Ms Gutierrez invested the following: Bank deposit with Banco De Oro, 850,000: Merchandise with net realizable value of 250,000 and Transportation Equipment with fair market value of 1,800,000
Transcribed Image Text: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, n/30.
6. January 8 – Sold merchandise on account to F. Ybanez Trading, P185,000 Term
2/10, n/30. Paid freight on shipment, P1,200.
Transcribed Image Text: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, n/30.
6. January 8 – Sold merchandise on account to F. Ybanez Trading, P185,000 Term
2/10, n/30. Paid freight on shipment, P1,200.
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