In August 1, 2012, Mr. Al Fabet put up a trading business, ABC Design Enterprises, with an initial investment of P15,000. During the month, the business completed the following transactions August 2012 2- Purchased merchandise on account from National Distributors, P14,000 - terms, 2/10, n/30. 4- received credit from National Distributors for merchandise returned, P450. 6- Sold merchandise on account P12,200 with terms: 1/15, n/30. COGS is P6,100 7- purchased computer unit on account worth P15,000 giving a down payment of P5,000 and the balance charged to account with terms: 2/10, n/30. 8- issued a credit memo to a customer worth P200 due to some defective goods sold. 9- received a loan of P25,000 on a short-term note payable from Metro Bank. 11 - paid National Distributors in Full. 14 - Purchased goods from Federal Trading with a list price of P17,955 - terms: 2/10, n/30. 16 - Received credit memo from Federal Trading for goods returned due to defects, P455.
In August 1, 2012, Mr. Al Fabet put up a trading business, ABC Design Enterprises, with an initial investment of P15,000. During the month, the business completed the following transactions August 2012 2- Purchased merchandise on account from National Distributors, P14,000 - terms, 2/10, n/30. 4- received credit from National Distributors for merchandise returned, P450. 6- Sold merchandise on account P12,200 with terms: 1/15, n/30. COGS is P6,100 7- purchased computer unit on account worth P15,000 giving a down payment of P5,000 and the balance charged to account with terms: 2/10, n/30. 8- issued a credit memo to a customer worth P200 due to some defective goods sold. 9- received a loan of P25,000 on a short-term note payable from Metro Bank. 11 - paid National Distributors in Full. 14 - Purchased goods from Federal Trading with a list price of P17,955 - terms: 2/10, n/30. 16 - Received credit memo from Federal Trading for goods returned due to defects, P455.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. journal the following transactions under perpetual method
Transcribed Image Text:• In August 1, 2012, Mr. Al Fabet put up a trading business, ABC Design Enterprises, with an initial investment of P15,000. During the month, the business completed the
following transactions
August 2012
2- Purchased merchandise on account from National Distributors, P14,000 - terms, 2/10, n/30.
4- received credit from National Distributors for merchandise returned, P450.
6- Sold merchandise on account P12,200 with terms: 1/15, n/30. COGS is P6,100
7- purchased computer unit on account worth P15,000 giving a down payment of P5,000 and the balance charged to account with terms: 2/10, n/30.
8 - issued a credit memo to a customer worth P200 due to some defective goods sold.
9- received a loan of P25,000 on a short-term note payable from Metro Bank.
11- paid National Distributors in Full.
14 - Purchased goods from Federal Trading with a list price of P17,955 - terms: 2/10, n/30.
16 - Received credit memo from Federal Trading for goods returned due to defects, P455.
17 - Paid the full amount due to the computer bought on Aug. 7.
18 - Sold merchandise on account, P15,300 with terms: 2/10, n/30.
19 - Made a credit refund to a customer for defective merchandise, P250.
21 - Received collections in full from customer billed on August 6.
23 - purchased office supplies in cash, P2,500.
24 - paid half the amount due to Federal Trading for goods bought on Aug. 14.
25-Owner withdrew P3,000 for personal use.
28 - received partial payment of P8,000 from customer billed on Aug. 18.
29 - Paid the salary of store assistant, P4,500
30 - Sold merchandise to customer for cash, P10,000.
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