Homework Help is Here – Start Your Trial Now!
Business
Accounting
Jim Temrio operates Scent Compary, a perfume and soap store. During May 2017, the following tarsactions were completed. DATE TRANSACTION 1 JimTemrio irvested cash of P50,000 and machandise, P10,000 to open the business. Deposited the ampunt with PCIB. Official Receipt No. 101 Purchased merdchandise onaccount from Subic, P13,200. Tems: 2/10, n/30. Purchase Invoice 422. May 3 Paid rent experse for April, P900; Check Na 200. 5 | Puchased store supplies on account from Alexis, P550. Tenns: 1/10, 1/30. Puchase Invoice 510. 4 8 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150. Cost of merchandise was P5,500. 12 Paid Subic the amourt owed on the May 3 puchase, Check No. 201 14 | Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. 15 Paid Alexis the amount owed on the May 5 puthase Check No. 202 16 Recorded cashsales for the fist half of May, P33,000. Cost of merchandise was P16,500. Official Receipt No. 102 17 Sold merchandise on account to Robirson, P8,800. Tems: 30. Cost of merchanlise was P4,400. Check No. 151 18 Received a check fidm Rustan for the amourt owed on the May 8 sale. Official Reeipt No. 103 20 Issued a check to Freight Forwarders on various Puchases made, P6,500. Check No. 203 25 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 104 28 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 204 30 Owner drewa check payable to herself for pasomal use, P5,000. Check No. 205 Requiremerts: 1. Using the special joumals and general jounal, record the transactions for Jim Temrio. 2. Post the transactions fiom the joumal to the general ledger. 3. Maintainaccounts receivable and accourts payable subsidiary ledgers. 4. Summarize the ledger accourts and list the balanoes on the trial balance.

Jim Temrio operates Scent Compary, a perfume and soap store. During May 2017, the following tarsactions were completed. DATE TRANSACTION 1 JimTemrio irvested cash of P50,000 and machandise, P10,000 to open the business. Deposited the ampunt with PCIB. Official Receipt No. 101 Purchased merdchandise onaccount from Subic, P13,200. Tems: 2/10, n/30. Purchase Invoice 422. May 3 Paid rent experse for April, P900; Check Na 200. 5 | Puchased store supplies on account from Alexis, P550. Tenns: 1/10, 1/30. Puchase Invoice 510. 4 8 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150. Cost of merchandise was P5,500. 12 Paid Subic the amourt owed on the May 3 puchase, Check No. 201 14 | Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. 15 Paid Alexis the amount owed on the May 5 puthase Check No. 202 16 Recorded cashsales for the fist half of May, P33,000. Cost of merchandise was P16,500. Official Receipt No. 102 17 Sold merchandise on account to Robirson, P8,800. Tems: 30. Cost of merchanlise was P4,400. Check No. 151 18 Received a check fidm Rustan for the amourt owed on the May 8 sale. Official Reeipt No. 103 20 Issued a check to Freight Forwarders on various Puchases made, P6,500. Check No. 203 25 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 104 28 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 204 30 Owner drewa check payable to herself for pasomal use, P5,000. Check No. 205 Requiremerts: 1. Using the special joumals and general jounal, record the transactions for Jim Temrio. 2. Post the transactions fiom the joumal to the general ledger. 3. Maintainaccounts receivable and accourts payable subsidiary ledgers. 4. Summarize the ledger accourts and list the balanoes on the trial balance.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Jim Temrio operates Scent Compary, a perfume and soap store. During May 2017, the following tarsactions were completed. DATE TRANSACTION 1 JimTemrio irvested cash of P50,000 and machandise, P10,000 to open the business. Deposited the ampunt with PCIB. Official Receipt No. 101 Purchased merdchandise onaccount from Subic, P13,200. Tems: 2/10, n/30. Purchase Invoice 422. May 3 Paid rent experse for April, P900; Check Na 200. 5 | Puchased store supplies on account from Alexis, P550. Tenns: 1/10, 1/30. Puchase Invoice 510. 4 8 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150. Cost of merchandise was P5,500. 12 Paid Subic the amourt owed on the May 3 puchase, Check No. 201 14 | Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. 15 Paid Alexis the amount owed on the May 5 puthase Check No. 202 16 Recorded cashsales for the fist half of May, P33,000. Cost of merchandise was P16,500. Official Receipt No. 102 17 Sold merchandise on account to Robirson, P8,800. Tems: 30. Cost of merchanlise was P4,400. Check No. 151 18 Received a check fidm Rustan for the amourt owed on the May 8 sale. Official Reeipt No. 103 20 Issued a check to Freight Forwarders on various Puchases made, P6,500. Check No. 203 25 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 104 28 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 204 30 Owner drewa check payable to herself for pasomal use, P5,000. Check No. 205 Requiremerts: 1. Using the special joumals and general jounal, record the transactions for Jim Temrio. 2. Post the transactions fiom the joumal to the general ledger. 3. Maintainaccounts receivable and accourts payable subsidiary ledgers. 4. Summarize the ledger accourts and list the balanoes on the trial balance.
Transcribed Image Text:Jim Temrio operates Scent Compary, a perfume and soap store. During May 2017, the following tarsactions were completed. DATE TRANSACTION 1 JimTemrio irvested cash of P50,000 and machandise, P10,000 to open the business. Deposited the ampunt with PCIB. Official Receipt No. 101 Purchased merdchandise onaccount from Subic, P13,200. Tems: 2/10, n/30. Purchase Invoice 422. May 3 Paid rent experse for April, P900; Check Na 200. 5 | Puchased store supplies on account from Alexis, P550. Tenns: 1/10, 1/30. Puchase Invoice 510. 4 8 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150. Cost of merchandise was P5,500. 12 Paid Subic the amourt owed on the May 3 puchase, Check No. 201 14 | Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. 15 Paid Alexis the amount owed on the May 5 puthase Check No. 202 16 Recorded cashsales for the fist half of May, P33,000. Cost of merchandise was P16,500. Official Receipt No. 102 17 Sold merchandise on account to Robirson, P8,800. Tems: 30. Cost of merchanlise was P4,400. Check No. 151 18 Received a check fidm Rustan for the amourt owed on the May 8 sale. Official Reeipt No. 103 20 Issued a check to Freight Forwarders on various Puchases made, P6,500. Check No. 203 25 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 104 28 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 204 30 Owner drewa check payable to herself for pasomal use, P5,000. Check No. 205 Requiremerts: 1. Using the special joumals and general jounal, record the transactions for Jim Temrio. 2. Post the transactions fiom the joumal to the general ledger. 3. Maintainaccounts receivable and accourts payable subsidiary ledgers. 4. Summarize the ledger accourts and list the balanoes on the trial balance.
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS