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).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%

Transcribed Image Text:TM
all 40ll 93 |4 4:23 pm
GLOBE
Capture16.JPG
E. 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
DR
CR
P.
23,500
18,000
500
12,000
1,200
27,500
1,500
22,000
18,500
65,300
10,000
Sales
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.
1. 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).
2. Post to the T accounts.
3 Preliminary trial balance as of December 31, 20CY
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education