III Journalize the following selected transactions for Barok's Footwear located in Bayombong. 12% VAT is included in all sales. Assume freight is VAT-exempt. Credit term is 3 eom, n/60 with a 30% downpayment. 2015 1 Sold goods on account to RO Supermart, P33,600. 2P 2,500 freight prepaid for RO Supermart under the terms FOB shipping point. 5 Sold goods to Divisoria Footwear, P16,800. Term: COD 8 Sold goods on account to Shoe-Galing, P56.000. FOB destination. 9 Paid freight on the Shoe-Galing shipment to Cebu, P1,550. 13 RO Supermart paid P15,000. 15 Sold goods to Angeles Shoe Shop worth PP13,440. 18 Issued a credit memo to Shoe-Galing, P2,240. 28 RO Supermart paid its account in full. 30 Shoe-Galing paid P15,000 and issued a 20-day, 12% note for the balance. Mar

III Journalize the following selected transactions for Barok's Footwear located in Bayombong. 12% VAT is included in all sales. Assume freight is VAT-exempt. Credit term is 3 eom, n/60 with a 30% downpayment. 2015 1 Sold goods on account to RO Supermart, P33,600. 2P 2,500 freight prepaid for RO Supermart under the terms FOB shipping point. 5 Sold goods to Divisoria Footwear, P16,800. Term: COD 8 Sold goods on account to Shoe-Galing, P56.000. FOB destination. 9 Paid freight on the Shoe-Galing shipment to Cebu, P1,550. 13 RO Supermart paid P15,000. 15 Sold goods to Angeles Shoe Shop worth PP13,440. 18 Issued a credit memo to Shoe-Galing, P2,240. 28 RO Supermart paid its account in full. 30 Shoe-Galing paid P15,000 and issued a 20-day, 12% note for the balance. Mar

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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Page 4 of 9 Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded…
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
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Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.