II. Directions: Assume that you are an "Accountant" of ABAKADA Company. The following statement/s are the list of the daily transactions of the company for the month of May 2020. Prepare a journal entry for these following transactions. Date Transactions/Activities 5/2/2020 Abakada Company purchased 10 boxes of special paper on account for Php 20, 000.00 (Php 2, 000.00 each) as per Charge Invoice No. 111 with term of 2/10, n 30 at Sining at Papel Inc. 5/3/2020 Return one box to Sining at Papel because of the damage on the papers after noticing it during inspection.. Abakada issued debit memorandum no.001 5/3/2020 Sining at Papel is based on Bulacan. In order to bring the 10 boxes of special paper to Abakada Company (Quezon), it will cost Php 4, 000.00 to deliver the goods. The terms is FOB shipping point 5/5/2020 Abakada sold 2 boxes of special paper amounting to Php 3,000.00 each with Official Receipt No. 110 for Kikay De Silva. FOB Shipping Point 5/7/2020 Mahihiwagang Kamay purchase 3 boxes of special paper for Php 3, 500,00 on account with the terms of 5/10, n/30 as per Charge Invoice No. 014 to Abakada . FOB Destination 5/8/2020 Abakada Company paid Php 800.00 pesos to BB Express for the delivery of 3 boxes to Mahihiwagang Kamay. 5/8/2020 Mahihiwagang Kamay return one box of special paper under Charge Invoice No.014 to Abakada because it is more than they need. 5/10/2020 Abakada paid Sining at Papel for the Charge Invoice No.111 5/14/2020 Abakada Company purchase on cash, 5 boxes of bond paper at Php 1, 500.00 from a supplier 5/15/2020 The 5 boxes of bond paper was sold to Catalina Catindig on account under Charge Invoice No.015 amounting to Php 10, 000.00 (Php 2, 000.00) with terms 2/10, n/30, FOB Shipping Point. 5/28/2020 Catalina Catindig paid the amount under Charge Invoice No.015 5/30/2020 Mahihiwagang Kamay paid the amount under Charge Invoiice No.014
II. Directions: Assume that you are an "Accountant" of ABAKADA Company. The following statement/s are the list of the daily transactions of the company for the month of May 2020. Prepare a journal entry for these following transactions. Date Transactions/Activities 5/2/2020 Abakada Company purchased 10 boxes of special paper on account for Php 20, 000.00 (Php 2, 000.00 each) as per Charge Invoice No. 111 with term of 2/10, n 30 at Sining at Papel Inc. 5/3/2020 Return one box to Sining at Papel because of the damage on the papers after noticing it during inspection.. Abakada issued debit memorandum no.001 5/3/2020 Sining at Papel is based on Bulacan. In order to bring the 10 boxes of special paper to Abakada Company (Quezon), it will cost Php 4, 000.00 to deliver the goods. The terms is FOB shipping point 5/5/2020 Abakada sold 2 boxes of special paper amounting to Php 3,000.00 each with Official Receipt No. 110 for Kikay De Silva. FOB Shipping Point 5/7/2020 Mahihiwagang Kamay purchase 3 boxes of special paper for Php 3, 500,00 on account with the terms of 5/10, n/30 as per Charge Invoice No. 014 to Abakada . FOB Destination 5/8/2020 Abakada Company paid Php 800.00 pesos to BB Express for the delivery of 3 boxes to Mahihiwagang Kamay. 5/8/2020 Mahihiwagang Kamay return one box of special paper under Charge Invoice No.014 to Abakada because it is more than they need. 5/10/2020 Abakada paid Sining at Papel for the Charge Invoice No.111 5/14/2020 Abakada Company purchase on cash, 5 boxes of bond paper at Php 1, 500.00 from a supplier 5/15/2020 The 5 boxes of bond paper was sold to Catalina Catindig on account under Charge Invoice No.015 amounting to Php 10, 000.00 (Php 2, 000.00) with terms 2/10, n/30, FOB Shipping Point. 5/28/2020 Catalina Catindig paid the amount under Charge Invoice No.015 5/30/2020 Mahihiwagang Kamay paid the amount under Charge Invoiice No.014
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required:
• Journal Entry
Transcribed Image Text:II. Directions: Assume that you are an "Accountant" of ABAKADA Company. The following statement/s
are the list of the daily transactions of the company for the month of May 2020. Prepare a journal entry
for these following transactions.
Date
Transactions/Activities
5/2/2020 Abakada Company purchased 10 boxes of special
paper on account for Php 20, 000.00 (Php 2, 000.00
each) as per Charge Invoice No. 111 with term of
2/10, n 30 at Sining at Papel Inc.
5/3/2020 Return one box to Sining at Papel because of the
damage on the papers after noticing it during
inspection.. Abakada issued debit memorandum
no.001
5/3/2020 Sining at Papel is based on Bulacan. In order to bring
the 10 boxes of special paper to Abakada Company.
(Quezon), it will cost Php 4, 000.00 to deliver the
goods. The terms is FOB shipping point
5/5/2020 Abakada sold 2 boxes of special paper amounting to
Php 3,000.00 each with Official Receipt No. 110 for
Kikay De Silva. FOB Shipping Point
5/7/2020 Mahihiwagang Kamay purchase 3 boxes of special
paper for Php 3, 500,00 on account with the terms of
5/10, n/30 as per Charge Invoice No. 014 to Abakada.
.FOB Destination
5/8/2020 Abakada Company paid Php 800.00 pesos to BB
Express for the delivery of 3 boxes to Mahihiwagang
Kamay.
5/8/2020 Mahihiwagang Kamay return one box of special
paper under Charge Invoice No.014 to Abakada
because it is more than they need.
5/10/2020 Abakada paid Sining at Papel for the Charge Invoice
No.111
5/14/2020 Abakada Company purchase on cash, 5 boxes of bond
paper at Php 1, 500.00 from a supplier
5/15/2020
The 5 boxes of bond paper was sold to Catalina
Catindig on account under Charge Invoice No.015
amounting to Php 10, 000.00 (Php 2, 000.00) with
terms 2/10, n/30, FOB Shipping Point.
5/28/2020 Catalina Catindig paid the amount under Charge
Invoice No.015
5/30/2020 Mahihiwagang Kamay paid the amount under Charge
Invoiice No.014
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