haart of accounts for this? On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash. Succeeding transactions are as follows: Prepare the general journal, general ledger, and trial balance Date Transactions July 2 Purchased scented candles from Pax Candles, P 7,500. terms : P 2,500 down, balance 2/10, n30 3 Purchased shell decors from Divi Crafts distributor, P 10,000. Term: 3% eom, n/30, FOB shipping point, freight collect. 4 Freight on shell decors paid in cash P 750
haart of accounts for this? On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash. Succeeding transactions are as follows: Prepare the general journal, general ledger, and trial balance Date Transactions July 2 Purchased scented candles from Pax Candles, P 7,500. terms : P 2,500 down, balance 2/10, n30 3 Purchased shell decors from Divi Crafts distributor, P 10,000. Term: 3% eom, n/30, FOB shipping point, freight collect. 4 Freight on shell decors paid in cash P 750
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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can I know the chaart of accounts for this?
On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash.
Succeeding transactions are as follows:
Prepare the general journal, general ledger, and
Date | Transactions |
July 2 | Purchased scented candles from Pax Candles, P 7,500. terms : P 2,500 down, balance 2/10, n30 |
3 | Purchased shell decors from Divi Crafts distributor, P 10,000. Term: 3% eom, n/30, FOB shipping point, freight collect. |
4 | Freight on shell decors paid in cash P 750 |
5 | Cash sales amounted to P 15,000. |
7 | Sold to Manuela's Grocery goods costing P 9,000. terms: 4,000 down, balance 2/5, 1/10, n 30 |
8 | Purchased office supplies from Rex bookstore P 1,500. Terms: COD |
10 | Returned part of the candles purchased from Pax which were found unsatisfactory, P500. |
12 | A customer returned merchandise and was given a cash refund of P 220. |
13 | The account of Manuela's was collected. |
15 | Paid salaries in cash to office clerk, P 2,500, and store helper, P 3,500. |
17 | Delivered goods to Kulasa Scents, P 14,000. Terms, COD |
18 | Paid Divi Crafts P 5,000 |
19 | Maria Pena, a friend, bought goods with a list price of P 5,500. terms: 1% and 2% trade discounts, balance 2/10, n/30. FOB shipping point. Freight prepaid for Pena P 500. |
20 | Paid Pax candles in full of account. |
25 | Collected 20% from Maria Pena |
31 | Paid 3% percentage tax on sales. |
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