During the month of February 2020, the following transactions occurred. Feb. 1 Collected P113,000 from customers on account. Paid P64,000 of accounts due less discount of 3% 2 4 5 Purchased merchandise, P170,000. Terms FOB shipping point; 3/10, n/30. Sold merchandise on account to Gonzales Inc., P270,000. Terms: FOB shipping point; 2/10, n/30 7 Paid for advertising for the month of February, P6,000 Sold merchandise for cash, P250,000. 7 8 Paid for the amount due from the Feb. 4 transaction. 9 Paid Iloilo freight P4,000 for delivering merchandise last Feb.4. Received returns from the Gonzales Inc. P70,000. 10 12 Received payments from the Gonzales Inc. less returns and discounts. 14 Paid P26,000 interest on the mortgage payable. 15 Paid salaries P51,000. 16 Sold merchandise on accounts to Ronzales Corp., P392,000. Terms: FOB destination, 2/10, n/30 18 Paid P4,000 freight charges on the sale of Feb. 16. 19 Acquired supplies for cash P21,000.00 20 Purchased P125,000 of merchandise from Lozada Imports on account. Terms: FOB Destination; 3/10, n/30. Paid P7,000 miscellaneous expense. 23 Received payment from Ronzales Corp. less discounts. 24 Purchased P373,000 of merchandise on account from Agustin Enterprises. Terms: FOB Shipping point; 3/10, n/30. 24 25 Paid La Paz Express P9,000 freight for delivering merchandise acquired from Agustin. Sold merchandise to Ronzales Corp. on account, P420,000. Terms: FOB shipping point; 2/10, n/30 26 Received returns from Ronzales Corp., P71,000. 28 Buenaflor withdrew P400,000 from the business. 28 Returned merchandise purchased from Agustin on Feb 24, P25,000. Required: 1. Record transactions for the month of February in a general journal. 222
During the month of February 2020, the following transactions occurred. Feb. 1 Collected P113,000 from customers on account. Paid P64,000 of accounts due less discount of 3% 2 4 5 Purchased merchandise, P170,000. Terms FOB shipping point; 3/10, n/30. Sold merchandise on account to Gonzales Inc., P270,000. Terms: FOB shipping point; 2/10, n/30 7 Paid for advertising for the month of February, P6,000 Sold merchandise for cash, P250,000. 7 8 Paid for the amount due from the Feb. 4 transaction. 9 Paid Iloilo freight P4,000 for delivering merchandise last Feb.4. Received returns from the Gonzales Inc. P70,000. 10 12 Received payments from the Gonzales Inc. less returns and discounts. 14 Paid P26,000 interest on the mortgage payable. 15 Paid salaries P51,000. 16 Sold merchandise on accounts to Ronzales Corp., P392,000. Terms: FOB destination, 2/10, n/30 18 Paid P4,000 freight charges on the sale of Feb. 16. 19 Acquired supplies for cash P21,000.00 20 Purchased P125,000 of merchandise from Lozada Imports on account. Terms: FOB Destination; 3/10, n/30. Paid P7,000 miscellaneous expense. 23 Received payment from Ronzales Corp. less discounts. 24 Purchased P373,000 of merchandise on account from Agustin Enterprises. Terms: FOB Shipping point; 3/10, n/30. 24 25 Paid La Paz Express P9,000 freight for delivering merchandise acquired from Agustin. Sold merchandise to Ronzales Corp. on account, P420,000. Terms: FOB shipping point; 2/10, n/30 26 Received returns from Ronzales Corp., P71,000. 28 Buenaflor withdrew P400,000 from the business. 28 Returned merchandise purchased from Agustin on Feb 24, P25,000. Required: 1. Record transactions for the month of February in a general journal. 222
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:During the month of February 2020, the following transactions occurred.
Feb.
1
Collected P113,000 from customers on account.
Paid P64,000 of accounts due less discount of 3%
4
Purchased merchandise, P170,000. Terms FOB shipping point; 3/10, n/30.
Sold merchandise on account to Gonzales Inc., P270,000. Terms: FOB shipping point;
2/10, n/30
7
Paid for advertising for the month of February, P6,000
Sold merchandise for cash, P250,000.
7
8
Paid for the amount due from the Feb. 4 transaction.
9
Paid Iloilo freight P4,000 for delivering merchandise last Feb.4.
Received returns from the Gonzales Inc. P70,000.
Received payments from the Gonzales Inc. less returns and discounts.
Paid P26,000 interest on the mortgage payable.
Paid salaries P51,000.
16
Sold merchandise on accounts to Ronzales Corp., P392,000. Terms: FOB destination,
2/10, n/30
18
Paid P4,000 freight charges on the sale of Feb. 16.
19
Acquired supplies for cash P21,000.00
20
Purchased P125,000 of merchandise from Lozada Imports on account. Terms: FOB
Destination; 3/10, n/30.
22
Paid P7,000 miscellaneous expense.
23
Received payment from Ronzales Corp. less discounts.
24
Purchased P373,000 of merchandise on account from Agustin Enterprises. Terms: FOB
Shipping point; 3/10, n/30.
24
25
Paid La Paz Express P9,000 freight for delivering merchandise acquired from Agustin.
Sold merchandise to Ronzales Corp. on account, P420,000. Terms: FOB shipping point;
2/10, n/30
26
Received returns from Ronzales Corp., P71,000.
Buenaflor withdrew P400,000 from the business.
28
28
Returned merchandise purchased from Agustin on Feb 24, P25,000.
Required:
1. Record transactions for the month of February in a general journal.
CS Scanned with CamScanner
1245
2
10
12
14
15
Transcribed Image Text:COMPREHENSIVE PROBLEM
Listed below are the February 1, 2020 account balances of the Teresita Buenaflor Shoes:
110 Cash
P
33,000
120 Accounts Receivable
192,000
130
Merchandise Inventory
413,000
140
Supplies
51,000
150
Prepaid Insurance
48,000
160
Land
460,000
170
Building
1,750,000
175
Accumulated Depreciation - Building
350,000
180
Equipment
2,310,000
185
Accumulated Depreciation - Equipment
630,000
210
Accounts Payable
108,000
220
Salaries Payable
230
Mortgage Payable
2,600,000
1,569,000
310
Buenaflor, Capital
320
Buenaflor, Withdrawals
330
Income Summary
410
Sales
420
Sales Returns and Allowances
430
Sales discounts
510
Purchases
520
Purchase Returns and Allowances
530
Purchase Discounts
540
Freight In
610
Salaries Expense
620
Supplies Expense
630
Insurance Expense
640
Depreciation Expense - Building
650
Depreciation Expense - Equipment
660
Freight Out
670
Advertising Expense
680
Insurance Expense
690
Miscellaneous Expense
P 5,2757,000.00
CS Scanned with CamScanner
P 5,257,000.00
P
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