Lloyd Gurango Co. completed the following sales transactions during the month of June 2019. All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date. Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold merchandise on account to LRM Trading, P54 000. Invoice number 378. Sold P46 000 of merchandise for cash. Received payment from KRA Company, less discounts. Received payment from LRM Trading, less discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3 June 1 4 9. 13 15 months JPT Store returned P11 000 of merchandise from the June 13 sale. Sold merchandise to NOV Convenience Store on account, P17 000. Invoice number 380. Collected amount due from JPT Store less returns and discounts. Received P6 000 from NOV Convenience Store. 16 21 29 30 Sold goods on account to LPR Co, P34 000. Invoice number 381

Lloyd Gurango Co. completed the following sales transactions during the month of June 2019. All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date. Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold merchandise on account to LRM Trading, P54 000. Invoice number 378. Sold P46 000 of merchandise for cash. Received payment from KRA Company, less discounts. Received payment from LRM Trading, less discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3 June 1 4 9. 13 15 months JPT Store returned P11 000 of merchandise from the June 13 sale. Sold merchandise to NOV Convenience Store on account, P17 000. Invoice number 380. Collected amount due from JPT Store less returns and discounts. Received P6 000 from NOV Convenience Store. 16 21 29 30 Sold goods on account to LPR Co, P34 000. Invoice number 381

Name: Lloyd Gurango Co. completed the following sales transactions during t
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Description: Lloyd Gurango Co. completed the following sales transactions during the month of June 2019.All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date.June 1Sold merchandise on account to KRA Company, P32 000. Inv

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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