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Accounting
During the month of February 2021, the following transactions ocurred: Feb 1 Collected 113,00 from customers on account Feb 2 Paid 64,000 of accounts due less discounts of 3% Feb 4 Purchased merchandise, 170,000. Terms: FOB shipping point; 3/10, n/30 Feb 5 Sold merchandise on account to Gonzales Inc., 270,000. Terms: FOB shipping point; 2/10, n/30 Feb 7 Paid for advertising for the month of February, 6,000. Feb 7 Sold merchandise for cash, 250,000. Feb 8 Paid the amount due from the Feb. 4 transaction Feb 9 Paid lloilo Freight 4,000 for delivering merchandise last Feb. 4 Feb 10 Received returns from the Gonzales Inc., 70,000. Feb 12 Received payment from the Gonzales Inc., less returns and discounts Feb 14 Paid 26,000 interest on the mortgage payable Feb 15 Paid salaries, 51,000 Feb 16 Sold merchandise on account to Ronzales Corp., 392,000. Terms: FOB destination; 2/10, n/20 Feb 18 Paid 4,000 freight charges on the sale of Feb 16 Feb 19 Acquired supplies for cash, 21,000 Feb 20 Purchased 125,000 of merchandise from Lozada Imports on account. Terms: FOB destination; 3/10, n/30 Feb 22 Paid 7,000 miscellaneous expenses Feb 23 Received payment from Bonzales Corp. less discounts Feb 24 Purchased 373,000 of merchandise on account, 420,000. Terms: FOB shipping point; 3/10, n/30 Feb 25 Sold merchandise to Ronzales Corp. on account, 420,000. Terms: FOB shipping point; 2/10, n/30 Feb 26 Received returns from Ronzales Corp., 71,000 Feb 28 Buenaflor withdrew 400,000 from the business Feb 28 Returned merchandise purchased from Agustin on June 24; 25,000.

During the month of February 2021, the following transactions ocurred: Feb 1 Collected 113,00 from customers on account Feb 2 Paid 64,000 of accounts due less discounts of 3% Feb 4 Purchased merchandise, 170,000. Terms: FOB shipping point; 3/10, n/30 Feb 5 Sold merchandise on account to Gonzales Inc., 270,000. Terms: FOB shipping point; 2/10, n/30 Feb 7 Paid for advertising for the month of February, 6,000. Feb 7 Sold merchandise for cash, 250,000. Feb 8 Paid the amount due from the Feb. 4 transaction Feb 9 Paid lloilo Freight 4,000 for delivering merchandise last Feb. 4 Feb 10 Received returns from the Gonzales Inc., 70,000. Feb 12 Received payment from the Gonzales Inc., less returns and discounts Feb 14 Paid 26,000 interest on the mortgage payable Feb 15 Paid salaries, 51,000 Feb 16 Sold merchandise on account to Ronzales Corp., 392,000. Terms: FOB destination; 2/10, n/20 Feb 18 Paid 4,000 freight charges on the sale of Feb 16 Feb 19 Acquired supplies for cash, 21,000 Feb 20 Purchased 125,000 of merchandise from Lozada Imports on account. Terms: FOB destination; 3/10, n/30 Feb 22 Paid 7,000 miscellaneous expenses Feb 23 Received payment from Bonzales Corp. less discounts Feb 24 Purchased 373,000 of merchandise on account, 420,000. Terms: FOB shipping point; 3/10, n/30 Feb 25 Sold merchandise to Ronzales Corp. on account, 420,000. Terms: FOB shipping point; 2/10, n/30 Feb 26 Received returns from Ronzales Corp., 71,000 Feb 28 Buenaflor withdrew 400,000 from the business Feb 28 Returned merchandise purchased from Agustin on June 24; 25,000.

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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Record the transactions for the month of February in a journal and post the transactions to the ledger.
Listed below are the Feb 1, 221 account balance of the Teresita Buenaflor Shoes: 110 Cash 33,000 192,000 413,000 51,000 120 Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance 130 140 150 48,000 160 Land 460,000 1,750,000 Building Accumulated Depreciation- Building Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable Mortgage Payable Buenaflor, Capital Buenaflor, Withdrawals Income Summary 170 175 350,000 180 2,310,000 185 630,000 210 108,000 220 230 2,600,000 1,569,000 310 320 330 410 Sales 420 Sales Returns and Allowances 430 Sales Discounts 510 Purchases 520 Purchases Returns and Allowances Purchases Discounts Transportation In Salaries Expense 530 540 610 Supplies Expense Insurance Expense 620 630 Depreciation Expense- Building Depreciation Expense – Equipment Transportation Out Advertising Expense Interest Expense 640 650 660 670 680 690 Miscellaneous Expense 5, 257,000 5,257,000
Transcribed Image Text:Listed below are the Feb 1, 221 account balance of the Teresita Buenaflor Shoes: 110 Cash 33,000 192,000 413,000 51,000 120 Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance 130 140 150 48,000 160 Land 460,000 1,750,000 Building Accumulated Depreciation- Building Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable Mortgage Payable Buenaflor, Capital Buenaflor, Withdrawals Income Summary 170 175 350,000 180 2,310,000 185 630,000 210 108,000 220 230 2,600,000 1,569,000 310 320 330 410 Sales 420 Sales Returns and Allowances 430 Sales Discounts 510 Purchases 520 Purchases Returns and Allowances Purchases Discounts Transportation In Salaries Expense 530 540 610 Supplies Expense Insurance Expense 620 630 Depreciation Expense- Building Depreciation Expense – Equipment Transportation Out Advertising Expense Interest Expense 640 650 660 670 680 690 Miscellaneous Expense 5, 257,000 5,257,000
During the month of February 2021, the following transactions oçurred: Feb 1 Collected 113,00 from customers on account Feb 2 Paid 64,000 of accounts due less discounts of 3% Feb 4 Purchased merchandise, 170,000. Terms: FOB shipping point; 3/10, n/30 Feb 5 Sold merchandise on account to Gonzales Ic., 270,000. Terms: FOB shipping point; 2/10, n/30 Feb 7 Paid for advertising for the month of February, 6,000. Feb 7 Sold merchandise for cash, 250,000. Feb 8 Paid the amount due from the Feb. 4 transaction Feb 9 Paid lloilo Freight 4,000 for delivering merchandise last Feb. 4 Feb 10 Received returns from the Gonzales Inc., 70,000. Feb 12 Received payment from the Gonzales Inc., less returns and discounts Feb 14 Paid 26,000 interest on the mortgage payable Feb 15 Paid salaries, 51,000 Feb 16 Sold merchandise on account to Ronzales Corp., 392,000. Terms: FOB destination; 2/10, n/20 Feb 18 Paid 4,000 freight charges on the sale of Feb 16 Feb 19 Acquired supplies for cash, 21,000 Feb 20 Purchased 125,000 of merchandise from Lozada Imports on account. Terms: FOB destination; 3/10, n/30 Feb 22 Paid 7,000 miscellaneous expenses Feb 23 Received payment from Ronzales Corp. less discounts Feb 24 Purchased 373,000 of merchandise on account, 420,000. Terms: FOB shipping point; 3/10, n/30 Feb 25 Sold merchandise to Ronzales Corp. on account, 420,000. Terms: FOB shipping point; 2/10, n/30 Feb 26 Received returns from Ronzales Corp., 71,000 Feb 28 Buenaflor withdrew 400,000 from the business Feb 28 Returned merchandise purchased from Agustin on June 24; 25,000.
Transcribed Image Text:During the month of February 2021, the following transactions oçurred: Feb 1 Collected 113,00 from customers on account Feb 2 Paid 64,000 of accounts due less discounts of 3% Feb 4 Purchased merchandise, 170,000. Terms: FOB shipping point; 3/10, n/30 Feb 5 Sold merchandise on account to Gonzales Ic., 270,000. Terms: FOB shipping point; 2/10, n/30 Feb 7 Paid for advertising for the month of February, 6,000. Feb 7 Sold merchandise for cash, 250,000. Feb 8 Paid the amount due from the Feb. 4 transaction Feb 9 Paid lloilo Freight 4,000 for delivering merchandise last Feb. 4 Feb 10 Received returns from the Gonzales Inc., 70,000. Feb 12 Received payment from the Gonzales Inc., less returns and discounts Feb 14 Paid 26,000 interest on the mortgage payable Feb 15 Paid salaries, 51,000 Feb 16 Sold merchandise on account to Ronzales Corp., 392,000. Terms: FOB destination; 2/10, n/20 Feb 18 Paid 4,000 freight charges on the sale of Feb 16 Feb 19 Acquired supplies for cash, 21,000 Feb 20 Purchased 125,000 of merchandise from Lozada Imports on account. Terms: FOB destination; 3/10, n/30 Feb 22 Paid 7,000 miscellaneous expenses Feb 23 Received payment from Ronzales Corp. less discounts Feb 24 Purchased 373,000 of merchandise on account, 420,000. Terms: FOB shipping point; 3/10, n/30 Feb 25 Sold merchandise to Ronzales Corp. on account, 420,000. Terms: FOB shipping point; 2/10, n/30 Feb 26 Received returns from Ronzales Corp., 71,000 Feb 28 Buenaflor withdrew 400,000 from the business Feb 28 Returned merchandise purchased from Agustin on June 24; 25,000.
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