March Mr. Dela Cruz made the following investments: P 300,000 P 150,000 2022 Cash in Bank 1 Furnitures and Fixtures 2 Paid business permits to the city government, P2,400. 4 Bought office equipment on account from J. Constantino and issued a promissory note, P 250,000. 5 Bought store supplies inventory on account J. Constantino amounting to P15,000 8 Bought merchandise for cash, P75,000 10 Sold merchandise for cash. P10,000. 11 Bought merchandise on account from R. Ybanez Trading, P25,000, Term: 2/10, N/30. 15 Sold Merchandise on account to Pedrono Company, P15,000, Term: 3/10, N/30. 17 Bought merchandise for cash, P60,000 and paid freight of P1,000. 19 Sold merchandise for cash, P20,000 and paid freight of P1,500. 20 Paid the account of March 11 net of 2% discount. 23 Paid rental for the month, P10,000. 24 Collected the account of March 15 with a net of 3% discount. 26 Bought merchandise on account from Pilot Company, P15,000. Paid freight of P800. 27 Bought merchandise on account from Jalalon Company, P20,000 and was given a 5% trade discount. Term: 2/10, N/30. 28 Sold merchandise for cash, P8,000 and gave a 2% trade discount. 29 Paid light and water bills (utilities expense), P4,000. 30 Sold merchandise on account to Paras Company, P30,000 and gave a 5% trade discount. 31 Paid salaries of P20,000 for the month of March 2022
March Mr. Dela Cruz made the following investments: P 300,000 P 150,000 2022 Cash in Bank 1 Furnitures and Fixtures 2 Paid business permits to the city government, P2,400. 4 Bought office equipment on account from J. Constantino and issued a promissory note, P 250,000. 5 Bought store supplies inventory on account J. Constantino amounting to P15,000 8 Bought merchandise for cash, P75,000 10 Sold merchandise for cash. P10,000. 11 Bought merchandise on account from R. Ybanez Trading, P25,000, Term: 2/10, N/30. 15 Sold Merchandise on account to Pedrono Company, P15,000, Term: 3/10, N/30. 17 Bought merchandise for cash, P60,000 and paid freight of P1,000. 19 Sold merchandise for cash, P20,000 and paid freight of P1,500. 20 Paid the account of March 11 net of 2% discount. 23 Paid rental for the month, P10,000. 24 Collected the account of March 15 with a net of 3% discount. 26 Bought merchandise on account from Pilot Company, P15,000. Paid freight of P800. 27 Bought merchandise on account from Jalalon Company, P20,000 and was given a 5% trade discount. Term: 2/10, N/30. 28 Sold merchandise for cash, P8,000 and gave a 2% trade discount. 29 Paid light and water bills (utilities expense), P4,000. 30 Sold merchandise on account to Paras Company, P30,000 and gave a 5% trade discount. 31 Paid salaries of P20,000 for the month of March 2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Instructions: Using the Periodic Inventory Method give its
Transcribed Image Text:Charts of ACcounts:
500 - Purchases
100 - Cash
101 - Accounts Receivable
102 - Supplies
103 - Office Equipment
501 Purchase Returns and Allowances
503 Purchase Discount
503 - Freight In
504 - Freight Out
600 - Salaries Expense
601 - Rent Expense
602 - Utilities Expense
105 - Furnitures and Fixtures
200 - Accounts Payable
201 - Notes Payable
305 - Dela Cruz, Capital
306 - Dela Cruz, Drawing
400 - Sales
603 - Taxes and Licenses
700 - Income and Expense Summary
401 - Sales Discount
402 - Sales Returns and Allowances
Transcribed Image Text:March
Mr. Dela Cruz made the following investments:
P 300,000
P 150,000
2022
Cash in Bank
1
Furnitures and Fixtures
2 Paid business permits to the city government, P2,400.
4 Bought office equipment on account from J. Constantino and issued a
promissory note, P 250,000.
5 Bought store supplies inventory on account J. Constantino amounting to
P15,000
8 Bought merchandise for cash, P75,000
10 Sold merchandise for cash. P10,000.
11 Bought merchandise on account from R. Ybanez Trading, P25,000,
Term: 2/10, N/30.
15 Sold Merchandise on account to Pedrono Company, P15,000,
Term: 3/10, N/30.
17 Bought merchandise for cash, P60,000 and paid freight of P1,000.
19 Sold merchandise for cash, P20,000 and paid freight of P1,500.
20 Paid the account of March 11 net of 2% discount.
23 Paid rental for the month, P10,000.
24 Collected the account of March 15 with a net of 3% discount.
26 Bought merchandise on account from Pilot Company, P15,000. Paid freight of
P800.
27 Bought merchandise on account from Jalalon Company, P20,000 and was
given a 5% trade discount. Term: 2/10, N/30.
28 Sold merchandise for cash, P8,000 and gave a 2% trade discount.
29 Paid light and water bills (utilities expense), P4,000.
30 Sold merchandise on account to Paras Company, P30,000 and gave a 5%
trade discount.
31 Paid salaries of P20,000 for the month of March 2022
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education