Journalize the transactions in a merchandising business using the tables below CRJ (cash receipts journal), and CDJ (cash disbursement journal). After journalizing, make a summary of the transactions as recorded in cash receipts journal and cash disbursement journal. Write your answer on a columnar sheet. Date Transaction November 1 Iska, the owner, invested ₱300,000 cash and ₱50,000 worth of merchandise into the business. The merchandise has an unpaid ₱10,000 account from Von to be assumed by the business. 2 Purchased from Gab store supplies worth ₱3,000 on cash basis [CV#001] 3 Returned ₱300 worth of store supplies purchased from Gab [OR#002] 4 Purchased from Vicky store supplies worth ₱4,000 on account. 5. Returned ₱400 worth of store supplies purchased from Vicky. 6. Purchased from Ian store equipment worth ₱30,000 on cash basis [CV#002) 7 Was granted a ₱2,500 allowance on store equipment purchased from Ian [OR# 003). done 8 Purchased from John store equipment worth ₱40,000 on terms ₱10,000 down, balance on account [CV#003] 9 Was granted a ₱3,500 allowance on store equipment purchased from John 10 Receive from Meralco the electricity bill for the month of May ₱11,000 11 Paid rent for the moth , ₱20,000 {CV#004] 12 Paid the utility bill received last June 10 (CV#007]) 13 The owner invested additional merchandise worth ₱12,,000 into the business 30 The owner withdrew merchandise worth ₱6,000 for personal use.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Journalize the transactions in a merchandising business using the tables below CRJ (cash receipts journal), and CDJ (cash disbursement journal). After
journalizing, make a summary of the transactions as recorded in cash receipts journal and cash disbursement journal.
Write your answer on a columnar sheet.
Date Transaction
November
1 Iska, the owner, invested ₱300,000 cash and ₱50,000 worth of merchandise into the business. The
merchandise has an unpaid ₱10,000 account from Von to be assumed by the business.
2 Purchased from Gab store supplies worth ₱3,000 on cash basis [CV#001]
3 Returned ₱300 worth of store supplies purchased from Gab [OR#002]
4 Purchased from Vicky store supplies worth ₱4,000 on account.
5. Returned ₱400 worth of store supplies purchased from Vicky.
6. Purchased from Ian store equipment worth ₱30,000 on cash basis [CV#002)
7 Was granted a ₱2,500 allowance on store equipment purchased from Ian
[OR# 003). done
8 Purchased from John store equipment worth ₱40,000 on terms ₱10,000 down, balance on account
[CV#003]
9 Was granted a ₱3,500 allowance on store equipment purchased from John
10 Receive from Meralco the electricity bill for the month of May ₱11,000
11 Paid rent for the moth , ₱20,000 {CV#004]
12 Paid the utility bill received last June 10 (CV#007])
13 The owner invested additional merchandise worth ₱12,,000 into the business
30 The owner withdrew merchandise worth ₱6,000 for personal use.
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