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Journal entry using the perpetual inventory method posting to ledger trial balance

Journal entry using the perpetual inventory method posting to ledger trial balance

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 entry using the perpetual inventory method
  2. posting to ledger
  3. trial balance
f Facebook M Inbox (66) - guerralyra12@gmail. X A Classwork for FABM 2 - ABM 12 - X + A classroom.google.com/w/MZK1OTA10TA3MTM1/t/all a Incognito (2) Activity 1. Journalize, post to the ledger and prepare trial balance to the following transactions using Perpetual Inventory System. • 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. Charts of Accounts 7:44 AM O Type here to search WE 28°C Clear O 4)) ENG 22/11/2021
Transcribed Image Text:f Facebook M Inbox (66) - guerralyra12@gmail. X A Classwork for FABM 2 - ABM 12 - X + A classroom.google.com/w/MZK1OTA10TA3MTM1/t/all a Incognito (2) Activity 1. Journalize, post to the ledger and prepare trial balance to the following transactions using Perpetual Inventory System. • 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. Charts of Accounts 7:44 AM O Type here to search WE 28°C Clear O 4)) ENG 22/11/2021
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