Required:Journal entry using the perpetual inventory methodposting to ledgertrial balance f FacebookM Inbox (66) - guerralyra12@gmail. XA Classwork for FABM 2 - ABM 12 - X+A classroom.google.com/w/MZK1OTA10TA3MTM1/t/alla Incognito (2)Activity 1. Journalize, post to the ledger and prepare trial balance to thefollowing 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 thefollowing transactionsAugust 20122- 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 P6,1007- 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, P4,50030 - Sold merchandise to customer for cash, P10,000.Charts of Accounts7:44 AMO Type here to searchWE28°C ClearO 4)) ENG22/11/2021

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Description: Required:Journal entry using the perpetual inventory methodposting to ledgertrial balance f FacebookM Inbox (66) - guerralyra12@gmail. XA Classwork for FABM 2 - ABM 12 - X+A classroom.google.com/w/MZK1OTA10TA3MTM1/t/alla Incognito (2)Activity 1. Jour

Transactions are firstly recorded as journal entries. The second step is posting to the t-accounts.…

Answered: Journal entry using the perpetual…

Business

Accounting

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

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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