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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.

FINANCIAL ACCOUNTING
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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1. journal the following transactions under perpetual method

• 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.
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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