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Ken and Charles owns and D'Naa Fresh Option. Thye opened the business on January 1, 2019 selling beef, pork, chicken, canned goods and daily products. 2019 June 1 is 15%. 5 7 7 7 8 9 4 10 12 14 15 3 18 Purchased beef from Tessi'es, P58,000; Terms: 5% in 10 days, 20% down, balance in 30 days. Purchased chicken and eggs from Gerard Maduga Chicken House, P 13,000; Terms 5% in 15 days, payable in 30 days. Sold goods to Jhenamay Variety Store, P20,000 on account with 5% in 10 days, net in 30 days; Interest Paid for gas and oil P 336 paid Gerard Maduga with check# 33332222 Paid Tessies using check # 33332223 b Sold goods to Ang-ge Variety Store P6, 160 Sold goods to Faith Store P 600 Received payment from Jhenamay Store. Paid for defective goods returned by Ang-ge P160. Paid for repairs and maintenance ofjeep, P500 Issued a credit memo to Gerard Maduga Chicken House for spoiled goods returned worth P 336. Paid Tessie's in full with a check Bought pork from Daya-nas PiggeryP3,080. Terms: 50% down, 5% in 10 days, balance in 30 days. Freight of P150 FOB Destination.

Ken and Charles owns and D'Naa Fresh Option. Thye opened the business on January 1, 2019 selling beef, pork, chicken, canned goods and daily products. 2019 June 1 is 15%. 5 7 7 7 8 9 4 10 12 14 15 3 18 Purchased beef from Tessi'es, P58,000; Terms: 5% in 10 days, 20% down, balance in 30 days. Purchased chicken and eggs from Gerard Maduga Chicken House, P 13,000; Terms 5% in 15 days, payable in 30 days. Sold goods to Jhenamay Variety Store, P20,000 on account with 5% in 10 days, net in 30 days; Interest Paid for gas and oil P 336 paid Gerard Maduga with check# 33332222 Paid Tessies using check # 33332223 b Sold goods to Ang-ge Variety Store P6, 160 Sold goods to Faith Store P 600 Received payment from Jhenamay Store. Paid for defective goods returned by Ang-ge P160. Paid for repairs and maintenance ofjeep, P500 Issued a credit memo to Gerard Maduga Chicken House for spoiled goods returned worth P 336. Paid Tessie's in full with a check Bought pork from Daya-nas PiggeryP3,080. Terms: 50% down, 5% in 10 days, balance in 30 days. Freight of P150 FOB Destination.

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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REQUIRED: • Journal Entries
2019 June 1 Test 1 Ken and Charles owns and D'Naa Fresh Option. Thye opened the business on January 1, 2019 selling beef, pork, chicken, canned goods and daily products. is 15%. 5. 7 7 7 8 9 4 10 12 14 3 15 18 4 51 Fundamentals of Accountancy, Business and Management (FABM 2) Styles 245 Purchased beef from Tessi'es, P58,000; Terms: 5% in 10 days, 20% down, balance in 30 days. Purchased chicken and eggs from Gerard Maduga Chicken House, P 13,000; Terms 5% in 15 days, payable in 30 days. Sold goods to Jhenamay Variety Store, P20,000 on account with 5% in 10 days, net in 30 days; Interest Paid for gas and oil P 336 paid Gerard Maduga with check# 33332222 Paid Tessies using check #33332223 b Sold goods to Ang-ge Variety Store P6, 160 Sold goods to Faith Store P 600 Received payment from Jhenamay Store. Paid for defective goods returned by Ang-ge P160. Paid for repairs and maintenance ofjeep, P500 Issued a credit memo to Gerard Maduga Chicken House for spoiled goods returned worth P 336. Paid Tessie's in full with a check Bought pork from Daya-nas PiggeryP3,080. Terms: 50% down, 5% in 10 days, balance in 30 days. Freight of Piso FOB Destination.
Transcribed Image Text:2019 June 1 Test 1 Ken and Charles owns and D'Naa Fresh Option. Thye opened the business on January 1, 2019 selling beef, pork, chicken, canned goods and daily products. is 15%. 5. 7 7 7 8 9 4 10 12 14 3 15 18 4 51 Fundamentals of Accountancy, Business and Management (FABM 2) Styles 245 Purchased beef from Tessi'es, P58,000; Terms: 5% in 10 days, 20% down, balance in 30 days. Purchased chicken and eggs from Gerard Maduga Chicken House, P 13,000; Terms 5% in 15 days, payable in 30 days. Sold goods to Jhenamay Variety Store, P20,000 on account with 5% in 10 days, net in 30 days; Interest Paid for gas and oil P 336 paid Gerard Maduga with check# 33332222 Paid Tessies using check #33332223 b Sold goods to Ang-ge Variety Store P6, 160 Sold goods to Faith Store P 600 Received payment from Jhenamay Store. Paid for defective goods returned by Ang-ge P160. Paid for repairs and maintenance ofjeep, P500 Issued a credit memo to Gerard Maduga Chicken House for spoiled goods returned worth P 336. Paid Tessie's in full with a check Bought pork from Daya-nas PiggeryP3,080. Terms: 50% down, 5% in 10 days, balance in 30 days. Freight of Piso FOB Destination.
7 7 8 9 10 12 14 15 18 20 25 28 Paid Tessies using check # 33332223 b Sold goods to Ang ge Variety Store P6, 160 Sold goods to Faith Store P. 600 Received payment from Jhenamay Store. Paid for defective goods returned by Ang ge P160. Paid for repairs and maintenance ofjeep, P500 Issued a credit memoto Gerard Maduga Chicken House for spoiled goods returned worth P 336. Paid Tessie's in full with a check Bought pork from Dava-nas PiggeryP 3,080. Terms: 50% down, 5% in 10 days, balance in 30 days. Freight of P150 FOB Destination. Cash purchases, P 4,480 Delivered some goods to Habijan Grocery on account. P2,240 with P 150 delivery charge Paid for rent, P3,000 and utility P850 Cash sales to date P13,440 Paid for salaries, P5,000 Requirement: Prepare a journal entry/entries for each transaction for the month of June, 2019.
Transcribed Image Text:7 7 8 9 10 12 14 15 18 20 25 28 Paid Tessies using check # 33332223 b Sold goods to Ang ge Variety Store P6, 160 Sold goods to Faith Store P. 600 Received payment from Jhenamay Store. Paid for defective goods returned by Ang ge P160. Paid for repairs and maintenance ofjeep, P500 Issued a credit memoto Gerard Maduga Chicken House for spoiled goods returned worth P 336. Paid Tessie's in full with a check Bought pork from Dava-nas PiggeryP 3,080. Terms: 50% down, 5% in 10 days, balance in 30 days. Freight of P150 FOB Destination. Cash purchases, P 4,480 Delivered some goods to Habijan Grocery on account. P2,240 with P 150 delivery charge Paid for rent, P3,000 and utility P850 Cash sales to date P13,440 Paid for salaries, P5,000 Requirement: Prepare a journal entry/entries for each transaction for the month of June, 2019.
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