JIBT DISTRIBUTORS APRIL 1 The business, JIBT DISTRIBUTORS, was registered as a single proprietorship, Jonathan Andes invested P39,000. 2 Bought computer equipment for P10,000 cash. 2 Bought merchandise on account from JHARA Supply Co. P15,900, terms 2/10, n/30. 3 Bought office supplies on cash basis for P700. 4 Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. The cost of merchandise sold was P12200. 5 Paid P200 freight on April 4 sale. 6 Received credit from JHARA Supply Co. for merchandise returned P300. 11 Paid JHARA 13 Collected from April 4 customers. 14 Bought merchandise on cash basis for P14,400. 15 Salaries paid P1,500. 16 Borrowed money from PNB Bank, signed a promissory note for P12,000. 17 Received refund from a supplier on cash purchase of April 14; P500. 18 Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30. 20 Paid freight on April 18 purchase, 700 23 Sold merchandise for P16,400. The merchandise sold had a cost of P10,500. 26 Bought merchandise for cash P12,300 27 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment. 28 J. Andes got cash from the business, P2,008. 29 Made refund to cash customer for defective merchandise, P900 on April 30 Sold merchandise on account, P13,700, n/30. Cost the merchandise sold is P11,000. 30 Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500.
JIBT DISTRIBUTORS APRIL 1 The business, JIBT DISTRIBUTORS, was registered as a single proprietorship, Jonathan Andes invested P39,000. 2 Bought computer equipment for P10,000 cash. 2 Bought merchandise on account from JHARA Supply Co. P15,900, terms 2/10, n/30. 3 Bought office supplies on cash basis for P700. 4 Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. The cost of merchandise sold was P12200. 5 Paid P200 freight on April 4 sale. 6 Received credit from JHARA Supply Co. for merchandise returned P300. 11 Paid JHARA 13 Collected from April 4 customers. 14 Bought merchandise on cash basis for P14,400. 15 Salaries paid P1,500. 16 Borrowed money from PNB Bank, signed a promissory note for P12,000. 17 Received refund from a supplier on cash purchase of April 14; P500. 18 Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30. 20 Paid freight on April 18 purchase, 700 23 Sold merchandise for P16,400. The merchandise sold had a cost of P10,500. 26 Bought merchandise for cash P12,300 27 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment. 28 J. Andes got cash from the business, P2,008. 29 Made refund to cash customer for defective merchandise, P900 on April 30 Sold merchandise on account, P13,700, n/30. Cost the merchandise sold is P11,000. 30 Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...
Related questions
Question
Create a Ledger Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS
![JIBT DISTRIBUTORS
Chart of Accounts
Use for Journalization and Posting to the Ledge
100
ASSET
400
101
105
115
120
150
200
201
202
300
301
302
101
105
CASH
115
ACCOUNTS RECEIVABLE
MERCHANDISE INVENTORY
SUPPLIES
EQUIPMENT
LIABILITIES
ACCOUNTS PAYABLE
NOTES PAYABLE
EQUITY
ANDES, CAPITAL
ANDES, DRAWINGS
Cash & Cash Equivalents
Receivables
401
Inventories
405
410
500
501
503
JIBT DISTRIBUTORS
Chart of Accounts
Use for Financial Statements Preparation
100
Asset
506
510
530
540
601
400
401
405
410
INCOME
SALES
SALES RETURNS & ALLOWANCE
SALES DISCOUNTS
EXPENSES
COST OF GOODS SOLD
ADVERTISING
FREIGHT OUT
RENT EXPENSE
SALARIES
UTILITIES
INCOME SUMMARY
INCOME
}
Net Sales
120
150
200
201
202
300
301
302
Prepaid Expenses
Property Plant & Equipment
LIABILITIES
Accounts Payable
Notes Payable
EQUITY
Andes, Capital
Andes, Drawings
500
501
503
506
520
530
540
EXPENSES
Cost of Goods Sold
Advertising Expense
Freight out
Rent Expense
Salaries
Utilities](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa9a4c91c-4b68-4380-afc5-de76e5d46d15%2F67bab4cf-514b-420f-a937-a16e3d62d8d2%2Fuidgcdy_processed.png&w=3840&q=75)
Transcribed Image Text:JIBT DISTRIBUTORS
Chart of Accounts
Use for Journalization and Posting to the Ledge
100
ASSET
400
101
105
115
120
150
200
201
202
300
301
302
101
105
CASH
115
ACCOUNTS RECEIVABLE
MERCHANDISE INVENTORY
SUPPLIES
EQUIPMENT
LIABILITIES
ACCOUNTS PAYABLE
NOTES PAYABLE
EQUITY
ANDES, CAPITAL
ANDES, DRAWINGS
Cash & Cash Equivalents
Receivables
401
Inventories
405
410
500
501
503
JIBT DISTRIBUTORS
Chart of Accounts
Use for Financial Statements Preparation
100
Asset
506
510
530
540
601
400
401
405
410
INCOME
SALES
SALES RETURNS & ALLOWANCE
SALES DISCOUNTS
EXPENSES
COST OF GOODS SOLD
ADVERTISING
FREIGHT OUT
RENT EXPENSE
SALARIES
UTILITIES
INCOME SUMMARY
INCOME
}
Net Sales
120
150
200
201
202
300
301
302
Prepaid Expenses
Property Plant & Equipment
LIABILITIES
Accounts Payable
Notes Payable
EQUITY
Andes, Capital
Andes, Drawings
500
501
503
506
520
530
540
EXPENSES
Cost of Goods Sold
Advertising Expense
Freight out
Rent Expense
Salaries
Utilities
![JIBT DISTRIBUTORS
APRIL 1 The business, JIBT DISTRIBUTORS, was registered as a single proprietorship,
Jonathan Andes invested P39,000.
2 Bought computer equipment for P10,000 cash.
2 Bought merchandise on account from JHARA Supply Co. P15,900, terms 2/10,
n/30.
3 Bought office supplies on cash basis for P700.
4 Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. The cost of
merchandise sold was P12200.
5 Paid P200 freight on April 4 sale.
6 Received credit from JHARA Supply Co. for merchandise returned P300.
11 Paid JHARA
13 Collected from April 4 customers.
14 Bought merchandise on cash basis for P14,400.
15 Salaries paid P1,500.
16 Borrowed money from PNB Bank, signed a promissory note for P12,000.
17 Received refund from a supplier on cash purchase of April 14; P500.
18 Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30.
20 Paid freight on April 18 purchase, 700
23 Sold merchandise for P16,400. The merchandise sold had a cost of P10,500.
26 Bought merchandise for cash P12,300
27 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment.
28 J. Andes got cash from the business, P2,008.
29 Made refund to cash customer for defective merchandise, P900 on April 30 Sold
merchandise on account, P13,700, n/30. Cost the merchandise sold is P11,000.
30 Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa9a4c91c-4b68-4380-afc5-de76e5d46d15%2F67bab4cf-514b-420f-a937-a16e3d62d8d2%2Fbsdte36_processed.png&w=3840&q=75)
Transcribed Image Text:JIBT DISTRIBUTORS
APRIL 1 The business, JIBT DISTRIBUTORS, was registered as a single proprietorship,
Jonathan Andes invested P39,000.
2 Bought computer equipment for P10,000 cash.
2 Bought merchandise on account from JHARA Supply Co. P15,900, terms 2/10,
n/30.
3 Bought office supplies on cash basis for P700.
4 Sold merchandise on account P15,200, FOB Destination, terms 2/10, n/30. The cost of
merchandise sold was P12200.
5 Paid P200 freight on April 4 sale.
6 Received credit from JHARA Supply Co. for merchandise returned P300.
11 Paid JHARA
13 Collected from April 4 customers.
14 Bought merchandise on cash basis for P14,400.
15 Salaries paid P1,500.
16 Borrowed money from PNB Bank, signed a promissory note for P12,000.
17 Received refund from a supplier on cash purchase of April 14; P500.
18 Bought merchandise from CASIO, P14,200, FOB Shipping point, terms 2/10, n/30.
20 Paid freight on April 18 purchase, 700
23 Sold merchandise for P16,400. The merchandise sold had a cost of P10,500.
26 Bought merchandise for cash P12,300
27 Paid CASIO on the April 18 purchase, P9,000. No discount allowed on partial payment.
28 J. Andes got cash from the business, P2,008.
29 Made refund to cash customer for defective merchandise, P900 on April 30 Sold
merchandise on account, P13,700, n/30. Cost the merchandise sold is P11,000.
30 Paid the following: Advertising, P1,000; Utilities, P400; Rent, P3,500; Salaries. P1,500.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College