Jim Tenorio operates Scent Company, a perfume and soap store. During May 2017, the following transactions were completed. DATE TRANSACTION May 1 Jim Tenorio invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101 3 Purchased merchandise on account from Subic, P13,200. Tams: 2/10, n/30. Purchase Invoice 422. 4 Paid rent expense for April, P900; Check Na 200. 5 Purchased store supplies on account from Alexis, P550. Tems: 1/10, 1/30. Purchase Invoice 510. 8 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150. Cost of merchandise was P5,500. 12 14 Paid Subic the amount owed on the May 3 purchase, Check No. 201 Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. Paid Alexis the amount owed on the May 5 puchase. Check No. 202 Recorded cashsales for the first half of May, P33,000. Cost of merchandise was P16,500. Official Receipt No. 102 15 16 17 Sold merchandise on account to Robinson, P8,800. Tems: n/30. Cost of merchandise was P4,400. Check No. 151 18 Received a check from Rustan for the amount owed on the May 8 sale. Official Receipt No. 103 20 Issued a check to Freight Forwarders on various purchases made, P6,500. Check No. 203 25 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 104 28 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 204 30 Owner drew a check payable to herself for personal use, P5,000. Check No. 205 Requirements: 1. Using the special journals and general journal, record the transactions for Jim Tenorio. 2. Post the transactions from the joumal to the general ledger. 3. Maintain accounts receivable and accounts payable subsidiary ledgers. 4. Summarize the ledger accounts and list the balances on the trial balance.
Jim Tenorio operates Scent Company, a perfume and soap store. During May 2017, the following transactions were completed. DATE TRANSACTION May 1 Jim Tenorio invested cash of P50,000 and merchandise, P10,000 to open the business. Deposited the amount with PCIB. Official Receipt No. 101 3 Purchased merchandise on account from Subic, P13,200. Tams: 2/10, n/30. Purchase Invoice 422. 4 Paid rent expense for April, P900; Check Na 200. 5 Purchased store supplies on account from Alexis, P550. Tems: 1/10, 1/30. Purchase Invoice 510. 8 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150. Cost of merchandise was P5,500. 12 14 Paid Subic the amount owed on the May 3 purchase, Check No. 201 Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; Sales Invoice No. 801. Paid Alexis the amount owed on the May 5 puchase. Check No. 202 Recorded cashsales for the first half of May, P33,000. Cost of merchandise was P16,500. Official Receipt No. 102 15 16 17 Sold merchandise on account to Robinson, P8,800. Tems: n/30. Cost of merchandise was P4,400. Check No. 151 18 Received a check from Rustan for the amount owed on the May 8 sale. Official Receipt No. 103 20 Issued a check to Freight Forwarders on various purchases made, P6,500. Check No. 203 25 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 104 28 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 204 30 Owner drew a check payable to herself for personal use, P5,000. Check No. 205 Requirements: 1. Using the special journals and general journal, record the transactions for Jim Tenorio. 2. Post the transactions from the joumal to the general ledger. 3. Maintain accounts receivable and accounts payable subsidiary ledgers. 4. Summarize the ledger accounts and list the balances on the trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:CHART OF ACCOUNTS
Account
Number
301
Account
Number
Account Name
Account Name
Jim, Capital
Jim, Drawing
Sales
Sales Discount
Cost of Goods Sold
101
Cash
102
Accounts Receivable
302
401
103
104
201
203
Inventory
Store Supplies
Accounts Payable
Notes Payable
451
501
551
Rent Experse
Accounts Receivable - Subsidiary Ledger
Customer
Accounts Payable - Subsidiary Ledger
Supplier
ID #
Supplier Name
Customer Name
ID #
102-01
102-01
Rustan
Robirson
201-01
201-02
Subic
Alexis

Transcribed Image Text:Jim Temrio operates Scent Compary, a perfume and soap store. During May 2017, the following
tarsactions were completed.
DATE
TRANSACTION
1 JimTemrio irvested cash of P50,000 and machandise, P10,000 to open the business.
Deposited the ampunt with PCIB. Official Receipt No. 101
Purchased merdchandise onaccount from Subic, P13,200. Tems: 2/10, n/30. Purchase
Invoice 422.
May
3
Paid rent experse for April, P900; Check Na 200.
5 | Puchased store supplies on account from Alexis, P550. Tenns: 1/10, 1/30. Puchase Invoice
510.
4
8 Sold merchandise on account to Rustan, P11,000. Tems: 1/10, n/30; Sales Invoice No. 150.
Cost of merchandise was P5,500.
12 Paid Subic the amourt owed on the May 3 puchase, Check No. 201
14 | Purchased merchandise on account from Ong's Boutique, P27,500. Terms: 1/10, n/30; Sales
Invoice No. 801.
15 Paid Alexis the amount owed on the May 5 puthase Check No. 202
16 Recorded cashsales for the fist half of May, P33,000. Cost of merchandise was P16,500.
Official Receipt No. 102
17 Sold merchandise on account to Robirson, P8,800. Tems: 30.
Cost of merchanlise was P4,400. Check No. 151
18 Received a check fidm Rustan for the amourt owed on the May 8 sale. Official Reeipt No.
103
20 Issued a check to Freight Forwarders on various Puchases made, P6,500. Check No. 203
25 Bonowed P10,000 from City Bank, signing a 10%, 90-day mote. Official Receipt No. 104
28 Paid Ong's Boutique the amount owed on the May 14 purchase. Check No. 204
30 Owner drewa check payable to herself for pasomal use, P5,000. Check No. 205
Requiremerts:
1. Using the special joumals and general jounal, record the transactions for Jim Temrio.
2. Post the transactions fiom the joumal to the general ledger.
3. Maintainaccounts receivable and accourts payable subsidiary ledgers.
4. Summarize the ledger accourts and list the balanoes on the trial balance.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps

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


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education