II. Presented below are transactions of May Daya Co. for January. Analyze and journalize the following: Jan. 2 5 6 7 9 11 15 16 18 20 22 24 28 30 31 M. Daya withdrew 500,000 from her bank account and invested it in the business. Purchased office supplies worth P1,500 using cash Purchased merchandise from 888 Trading, P120,000. Terms: 20% down, balance 2/10, n/30. FOB Destination, Freight Collect, P3,000 Purchased merchandise from Zyndee Trading, P50,000. Terms: 10-10, 2/10, n/30. FOB SP, Freight Collect, 720 Sold merchandise to Robin Store, P100,000. Terms: 10-5, 1/15, n/30 Returned defective office supplies, P1,200 Returned defective merchandise purchase from 888 Trading, P8,000 Paid 888 Trading in full Sold merchandise to Never Emporium, P60,000. Terms: 1/10, n/60, FOB Destination, Freight Prepaid, 1,200 Robin Store returned defective merchandise worth P11,000. M. Daya withdrew 10,000 for personal use. Robin Store settled its account in full. Never Emporium settled its account in full. Settled account with Zyndee Trading in full Purchased merchandise from Tokong Co. P120,000 cash. Terms: FOB Destination, Freight Prepaid, P4,000

II. Presented below are transactions of May Daya Co. for January. Analyze and journalize the following: Jan. 2 5 6 7 9 11 15 16 18 20 22 24 28 30 31 M. Daya withdrew 500,000 from her bank account and invested it in the business. Purchased office supplies worth P1,500 using cash Purchased merchandise from 888 Trading, P120,000. Terms: 20% down, balance 2/10, n/30. FOB Destination, Freight Collect, P3,000 Purchased merchandise from Zyndee Trading, P50,000. Terms: 10-10, 2/10, n/30. FOB SP, Freight Collect, 720 Sold merchandise to Robin Store, P100,000. Terms: 10-5, 1/15, n/30 Returned defective office supplies, P1,200 Returned defective merchandise purchase from 888 Trading, P8,000 Paid 888 Trading in full Sold merchandise to Never Emporium, P60,000. Terms: 1/10, n/60, FOB Destination, Freight Prepaid, 1,200 Robin Store returned defective merchandise worth P11,000. M. Daya withdrew 10,000 for personal use. Robin Store settled its account in full. Never Emporium settled its account in full. Settled account with Zyndee Trading in full Purchased merchandise from Tokong Co. P120,000 cash. Terms: FOB Destination, Freight Prepaid, P4,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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