I. Journalized the following transaction. PERPECTUAL INVENTORY SYSTEM Mr. Tom invested P40, 000 in the name of the company, YoCo. Purchased Equipment for 1,500 Purchased office supplies on cash 300 Purchased merchandise on account to Fuma, 18,000 term 2/10 n/30 Nov 1 2 3 4 7 Sold merchandise on account from Gina Amounting to 8,000,FOB Destination term 2/10 n/30 (cost of merchandise 6,000) 9 Paid freight charges on Nov 7 sales, 300 Received credit from Fuma worth 1,000 from merchandise return Paid Fuma in full BANK 12 14 17 18 19 20 21 22 Received payment from Gina in Full Purchased merchandise on cash for 10,000 Paid salaries 400 Issue promissory note for the barrowed money amounting to 5,000 from CHINA Received cash return from the purchased supplies of Nov 18, P300 Purchased merchandise on COLLINS worth 5,000 terms 2.10 n/30 .FOB Shipping point II. Journalized the following transaction. PERIODIC INVENTORY SYSTEM June 1 Purchased merchandised for P 60,000 on credit, terms 2/10, n/30. Sold merchandise for P10,000 on credit, terms 2/10, n/30. 4 6 9 10 Returned P5,000 of the merchandise purchased June 1 for credit. Paid for merchandise purchased June 1, less return and discount. Received payment from the customer of June 4, less discount. Sold merchandise for P20,000 on credit, terms 2/10, n/30. Customer of June 15 returned P2,000 of merchandise for credit Purchased merchandised for 35,000 on credit, terms n/30. 15 19 24
I. Journalized the following transaction. PERPECTUAL INVENTORY SYSTEM Mr. Tom invested P40, 000 in the name of the company, YoCo. Purchased Equipment for 1,500 Purchased office supplies on cash 300 Purchased merchandise on account to Fuma, 18,000 term 2/10 n/30 Nov 1 2 3 4 7 Sold merchandise on account from Gina Amounting to 8,000,FOB Destination term 2/10 n/30 (cost of merchandise 6,000) 9 Paid freight charges on Nov 7 sales, 300 Received credit from Fuma worth 1,000 from merchandise return Paid Fuma in full BANK 12 14 17 18 19 20 21 22 Received payment from Gina in Full Purchased merchandise on cash for 10,000 Paid salaries 400 Issue promissory note for the barrowed money amounting to 5,000 from CHINA Received cash return from the purchased supplies of Nov 18, P300 Purchased merchandise on COLLINS worth 5,000 terms 2.10 n/30 .FOB Shipping point II. Journalized the following transaction. PERIODIC INVENTORY SYSTEM June 1 Purchased merchandised for P 60,000 on credit, terms 2/10, n/30. Sold merchandise for P10,000 on credit, terms 2/10, n/30. 4 6 9 10 Returned P5,000 of the merchandise purchased June 1 for credit. Paid for merchandise purchased June 1, less return and discount. Received payment from the customer of June 4, less discount. Sold merchandise for P20,000 on credit, terms 2/10, n/30. Customer of June 15 returned P2,000 of merchandise for credit Purchased merchandised for 35,000 on credit, terms n/30. 15 19 24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:I. Journalized the following transaction. PERPECTUAL INVENTORY SYSTEM
Nov 1
2
3
4
7
Sold merchandise on account from Gina Amounting to 8,000,FOB Destination
term 2/10 n/30 (cost of merchandise 6,000)
9
Paid freight charges on Nov 7 sales, 300
BANK
12
14
17
18
19
20
Mr. Tom invested P40, 000 in the name of the company, YoCo.
Purchased Equipment for 1,500
Purchased office supplies on cash 300
Purchased merchandise on account to Fuma, 18,000 term 2/10 n/30
Received credit from Fuma worth 1,000 from merchandise return
Paid Fuma in full
10
15
19
24
Received payment from Gina in Full
Purchased merchandise on cash for 10,000
Paid salaries 400
Issue promissory note for the barrowed money amounting to 5,000 from CHINA
21
22
Shipping point
II. Journalized the following transaction. PERIODIC INVENTORY SYSTEM
Received cash return from the purchased supplies of Nov 18, P300
Purchased merchandise on COLLINS worth 5,000 terms 2.10 n/30 .FOB
June 1 Purchased merchandised for P 60,000 on credit, terms 2/10, n/30.
Sold merchandise for P10,000 on credit, terms 2/10, n/30.
4
6
9
Returned P5,000 of the merchandise purchased June 1 for credit.
Paid for merchandise purchased June 1, less return and discount.
Received payment from the customer of June 4, less discount.
Sold merchandise for P20,000 on credit, terms 2/10, n/30.
Customer of June 15 returned of P2,000 of merchandise for credit
Purchased merchandised for 35,000 on credit, terms n/30.
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