F. Tommy Abad is the owner of a small grocery. The trial balance on Novembe 30, 20CY is reproduced below. Accounts Cash Accounts Receivable Allow. for Impairment Loss Furniture & Fixtures Accum. Depreciation - Furn.& Fixt. Office Equipment Accum. Depreciation- Office Eqpmt. Merchandise Inventory Accounts Payable T. Abad Capital T Abad Personal Sales DR CR P. 23,500 18,000 P. 500 12,000 1,200 27,500 1,500 22,000 18,500 65,300 10,000 93,000 Purchases Salaries Expense Supplies Expense Rent Expense Utilities Expense Miscellaneous Expense 21,000 19,000. 1,000 13,000 8,000 5,000 P 180,000 P 180,000 The following summary transactions took place in December: 1. Cash sales, P 40,000 and paid freight of P 1,200. 2. Cash purchases, P 24,000 exclusive of freight of P 800. 3. Collection of accounts, P 5,600. 4. Payment of accounts, P 8,000. 5. Issued credit memo to a customer for merchandise returned, P 1,580. 6. Received a credit memo from a supplier for merchandise returned, P 2,000. 7. Payment of account P 4,000 with discount of 2%. 8. Collection of account P 4,500 with 3% discount. 9. Sales on account, P 12,000. 10. Purchases on account, P 8,600. REQUIRED: 1. Journal entries (without explanation).

F. Tommy Abad is the owner of a small grocery. The trial balance on Novembe 30, 20CY is reproduced below. Accounts Cash Accounts Receivable Allow. for Impairment Loss Furniture & Fixtures Accum. Depreciation - Furn.& Fixt. Office Equipment Accum. Depreciation- Office Eqpmt. Merchandise Inventory Accounts Payable T. Abad Capital T Abad Personal Sales DR CR P. 23,500 18,000 P. 500 12,000 1,200 27,500 1,500 22,000 18,500 65,300 10,000 93,000 Purchases Salaries Expense Supplies Expense Rent Expense Utilities Expense Miscellaneous Expense 21,000 19,000. 1,000 13,000 8,000 5,000 P 180,000 P 180,000 The following summary transactions took place in December: 1. Cash sales, P 40,000 and paid freight of P 1,200. 2. Cash purchases, P 24,000 exclusive of freight of P 800. 3. Collection of accounts, P 5,600. 4. Payment of accounts, P 8,000. 5. Issued credit memo to a customer for merchandise returned, P 1,580. 6. Received a credit memo from a supplier for merchandise returned, P 2,000. 7. Payment of account P 4,000 with discount of 2%. 8. Collection of account P 4,500 with 3% discount. 9. Sales on account, P 12,000. 10. Purchases on account, P 8,600. REQUIRED: 1. Journal entries (without explanation).

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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