Journalize the following transactions of ABC General Merchandising: 2018 July 6- Purchased merchandise from DEF, P15,000. Terms: 50% down and the balance 2/10, n/30. 7- Purchased a typewriter from GHI for office use, P 7,500. Term: 2/10, n/30. 7- Paid for the delivery of the typewriter, P200. 7- Returned defective goods to DEF, P1,000. 8- Purchased merchandise from JKL, P25,000 less 10% trade discount. Term: 2/10, n/30. FOB destination. 8- Cash sales, P12,000. 9- Paid for the delivery of the above purchase, P200. 10-Sold merchandise to MNO, P10,000. Terms: 10-day note. 12- Issued a check to GHI in full payment of the account with them. 13- Sold merchandise to PQR, P30,000. Terms: 2/10, 1/15, n/30. FOB Shipping point. 14- Paid the delivery of the above goods sold, P300. 15- Received defective goods from PQR, P 3,000. 15- Purchased store supplies for cash, P1,500. 18- Settled the account with DEF. 18- Cash purchases, P5,000. 18- Collected the account of PQR. 20- Collected the note in July 10 plus 20 interest 31- Issued a 30-day note in settlement of the account to JKL on July 8.

Journalize the following transactions of ABC General Merchandising: 2018 July 6- Purchased merchandise from DEF, P15,000. Terms: 50% down and the balance 2/10, n/30. 7- Purchased a typewriter from GHI for office use, P 7,500. Term: 2/10, n/30. 7- Paid for the delivery of the typewriter, P200. 7- Returned defective goods to DEF, P1,000. 8- Purchased merchandise from JKL, P25,000 less 10% trade discount. Term: 2/10, n/30. FOB destination. 8- Cash sales, P12,000. 9- Paid for the delivery of the above purchase, P200. 10-Sold merchandise to MNO, P10,000. Terms: 10-day note. 12- Issued a check to GHI in full payment of the account with them. 13- Sold merchandise to PQR, P30,000. Terms: 2/10, 1/15, n/30. FOB Shipping point. 14- Paid the delivery of the above goods sold, P300. 15- Received defective goods from PQR, P 3,000. 15- Purchased store supplies for cash, P1,500. 18- Settled the account with DEF. 18- Cash purchases, P5,000. 18- Collected the account of PQR. 20- Collected the note in July 10 plus 20 interest 31- Issued a 30-day note in settlement of the account to JKL on July 8.

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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