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Journal Entry (Purchased of merchandise for cash) Date Particulars Debit Credit Feb -01 Cash in Bank 1,000,000 Feb -06 Cash in Bank 6,500 Merchandise Inventory 45,000 Purchase Returns & Allowances 6,500 (Refund for merchandise returned) E Detava, Capital 1,045,000 (Initial Investment) Feb -06 Cash in Bank 140,000 Sales 140,000 Feb - 01 Transportation Equipment 700,000 (Merchandise sold for cash) Cash in Bank 700,000 (Service Vehicle for Cash) Feb- 06 Freight Out 3,920 Cash in Bank 3,920 Feb -01 Cash in Bank 420,000 (Freight out of merchandise sold) Prepaid Interest 80,000 Notes Payable- PNB 500,000 Feb - 10 Sales Returns & Allowances 8,000 (Bank loan from PNB) Cash in Bank 8,000 (Ta record sales returns) 10,000 Store Supplies Imventory Account Payable- Gaisang Metro Feb- 02 10,000 Feb -11 Account Payable- Manila Car Corporation 180,000 (Store Supplies an account) Purchase Discounts 3,600 Cash in Bank 176,400 Feb- 03 Purchases 180,000 (Payment of account within the discount period) Account Payable-Manila Car Corporation (Merchandise purchased on credit) 180,000 Feb - 12 Taxes and Licenses 15,000 Cash in Bank 15,000 Feb- 04 Cash in Bank 15,000 (Payment of Taxes and Licenses) Installation Income 15,000 Feb-14 Accounts Receivable- Mega Plus Co. 250,000 (Installation service for cash Sales 250,000 Feb- 04 Freight in 5,000 |(Merchandise sold on Account) Cash in Bank 5,000 (Freight for merchandise purchased) Feb- 18 Accounts Receivable- Ultra Co. 210,000 Sales 210,000 (Merchandise sold on account) Feb - 05 Purchases 200,000 Cash in Bank 200,000

Journal Entry (Purchased of merchandise for cash) Date Particulars Debit Credit Feb -01 Cash in Bank 1,000,000 Feb -06 Cash in Bank 6,500 Merchandise Inventory 45,000 Purchase Returns & Allowances 6,500 (Refund for merchandise returned) E Detava, Capital 1,045,000 (Initial Investment) Feb -06 Cash in Bank 140,000 Sales 140,000 Feb - 01 Transportation Equipment 700,000 (Merchandise sold for cash) Cash in Bank 700,000 (Service Vehicle for Cash) Feb- 06 Freight Out 3,920 Cash in Bank 3,920 Feb -01 Cash in Bank 420,000 (Freight out of merchandise sold) Prepaid Interest 80,000 Notes Payable- PNB 500,000 Feb - 10 Sales Returns & Allowances 8,000 (Bank loan from PNB) Cash in Bank 8,000 (Ta record sales returns) 10,000 Store Supplies Imventory Account Payable- Gaisang Metro Feb- 02 10,000 Feb -11 Account Payable- Manila Car Corporation 180,000 (Store Supplies an account) Purchase Discounts 3,600 Cash in Bank 176,400 Feb- 03 Purchases 180,000 (Payment of account within the discount period) Account Payable-Manila Car Corporation (Merchandise purchased on credit) 180,000 Feb - 12 Taxes and Licenses 15,000 Cash in Bank 15,000 Feb- 04 Cash in Bank 15,000 (Payment of Taxes and Licenses) Installation Income 15,000 Feb-14 Accounts Receivable- Mega Plus Co. 250,000 (Installation service for cash Sales 250,000 Feb- 04 Freight in 5,000 |(Merchandise sold on Account) Cash in Bank 5,000 (Freight for merchandise purchased) Feb- 18 Accounts Receivable- Ultra Co. 210,000 Sales 210,000 (Merchandise sold on account) Feb - 05 Purchases 200,000 Cash in Bank 200,000

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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Give its general ledger and trial balance

Feb- 23 Cash in Bank 245,000 Sales Discount 5,000 Accounts Receivable- Mega Plus Co. 250,000 (Collection of account in full) Feb - 24 Cash in Bank 20,000 Installation Income 20,000 (Installation Income received) Feb - 27 Rent Expense 30,000 Cash in Bank 30,000 (Payment af rent for the month) Feb - 27 Accounts Receivable- Go Cars, Inc. 302,000 Sales 302,000 (Sold merchandise on account) Feb - 28 Cash in Bank 130,000 Accounts Receivable- Go Cars, Inc. 130,000 ( Partial Collection from a customer) Feb - 28 Purchases 295,000 Accounts Payable- Ace Garcace Co. 295,000 (Merchandise purchased on account) Feb - 28 E. Detava, Drawing 30,000 Cash in Bank 30,000 (Withdrawal by the owner) Feb - 28 Salaries and Wages 50,000 Cash in Bank 50,000 (Salaries for the month) Тotal 4.575.420 4.575.420
Transcribed Image Text:Feb- 23 Cash in Bank 245,000 Sales Discount 5,000 Accounts Receivable- Mega Plus Co. 250,000 (Collection of account in full) Feb - 24 Cash in Bank 20,000 Installation Income 20,000 (Installation Income received) Feb - 27 Rent Expense 30,000 Cash in Bank 30,000 (Payment af rent for the month) Feb - 27 Accounts Receivable- Go Cars, Inc. 302,000 Sales 302,000 (Sold merchandise on account) Feb - 28 Cash in Bank 130,000 Accounts Receivable- Go Cars, Inc. 130,000 ( Partial Collection from a customer) Feb - 28 Purchases 295,000 Accounts Payable- Ace Garcace Co. 295,000 (Merchandise purchased on account) Feb - 28 E. Detava, Drawing 30,000 Cash in Bank 30,000 (Withdrawal by the owner) Feb - 28 Salaries and Wages 50,000 Cash in Bank 50,000 (Salaries for the month) Тotal 4.575.420 4.575.420
Journal Entry (Purchased of merchandise for cash) Date Particulars Debit Credit Feb - 06 Cash in Bank 6,500 Feb - 01 Cash in Bank 1,000,000 Merchandise Inventory 45,000 Purchase Returns & Allowances 6,500 (Refund for merchandise returned) E. Detava, Capital 1,045,000 (Initial Investment) Feb - 06 Cash in Bank 140,000 Sales 140,000 Feb - 01 Transportation Equipment 700,000 (Merchandise sold for cash) Cash in Bank 700,000 (Service Vehicle for Cash) Feb- 06 Freight Out 3,920 Cash in Bank 3,920 Feb -01 Cash in Bank 420,000 (Freight out of merchandise sold) Prepaid Interest 80,000 Notes Payable- PNB 500,000 Feb - 10 Sales Returns & Allowances 8,000 (Bank loan from PNB) Cash in Bank 8,000 (To record sales returns) Feb- 02 Stare Supplies Inventory 10,000 Account Payable- Manila Car Corporation Account Payable- Gaisana Metro (Store Supplies an account) 10,000 Feb -11 180,000 Purchase Discounts 3,600 Cash in Bank 176,400 Feb- 03 Purchases 180,000 (Payment of account within the discount period) Account Payable-Manila Car Carporation 180,000 (Merchandise purchased on credit) Feb - 12 Taxes and Licenses 15,000 Cash in Bank 15,000 Feb- 04 Cash in Bank 15,000 (Payment af Taxes and Licenses) Installation Income 15,000 Feb - 14 Accounts Receivable- Mega Plus Co. 250,000 (Installation service for cash Sales 250,000 (Merchandise sold on Account) Feb- 04 Freight in 5,000 Cash in Bank 5,000 Feb- 18 Accounts Receivable- Ultra Co. 210,000 (Freight for merchandise purchased) Sales 210,000 (Merchandise sold on account) Feb - 05 Purchases 200,000 Cash in Bank 200,000
Transcribed Image Text:Journal Entry (Purchased of merchandise for cash) Date Particulars Debit Credit Feb - 06 Cash in Bank 6,500 Feb - 01 Cash in Bank 1,000,000 Merchandise Inventory 45,000 Purchase Returns & Allowances 6,500 (Refund for merchandise returned) E. Detava, Capital 1,045,000 (Initial Investment) Feb - 06 Cash in Bank 140,000 Sales 140,000 Feb - 01 Transportation Equipment 700,000 (Merchandise sold for cash) Cash in Bank 700,000 (Service Vehicle for Cash) Feb- 06 Freight Out 3,920 Cash in Bank 3,920 Feb -01 Cash in Bank 420,000 (Freight out of merchandise sold) Prepaid Interest 80,000 Notes Payable- PNB 500,000 Feb - 10 Sales Returns & Allowances 8,000 (Bank loan from PNB) Cash in Bank 8,000 (To record sales returns) Feb- 02 Stare Supplies Inventory 10,000 Account Payable- Manila Car Corporation Account Payable- Gaisana Metro (Store Supplies an account) 10,000 Feb -11 180,000 Purchase Discounts 3,600 Cash in Bank 176,400 Feb- 03 Purchases 180,000 (Payment of account within the discount period) Account Payable-Manila Car Carporation 180,000 (Merchandise purchased on credit) Feb - 12 Taxes and Licenses 15,000 Cash in Bank 15,000 Feb- 04 Cash in Bank 15,000 (Payment af Taxes and Licenses) Installation Income 15,000 Feb - 14 Accounts Receivable- Mega Plus Co. 250,000 (Installation service for cash Sales 250,000 (Merchandise sold on Account) Feb- 04 Freight in 5,000 Cash in Bank 5,000 Feb- 18 Accounts Receivable- Ultra Co. 210,000 (Freight for merchandise purchased) Sales 210,000 (Merchandise sold on account) Feb - 05 Purchases 200,000 Cash in Bank 200,000
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