Ofelia April: 3 Purchased 50 lounge chairs at P1,500 each with terms 2/10, net 45. The chairs were shipped FOB destination. 7 Sold 6 chairs for P3,200 each, terms 2/10, net 30. 8 Purchased 20 patio umbrella tables for P1,200 each, FOB shipping point, terms 1/10, net 30. 9 Due to defects, returned 5 lounge chairs purchased on April 3. Received a credit memorandum. 10 Paid the trucking firm P860 for delivery of the tables purchased on April 8. 13 Paid for the chairs purchased on April 3. 17 Received payment for the chairs sold on April 7, 20 Paid for the tables purchased on April 8 April Required: Prepare the journal entries.
Ofelia April: 3 Purchased 50 lounge chairs at P1,500 each with terms 2/10, net 45. The chairs were shipped FOB destination. 7 Sold 6 chairs for P3,200 each, terms 2/10, net 30. 8 Purchased 20 patio umbrella tables for P1,200 each, FOB shipping point, terms 1/10, net 30. 9 Due to defects, returned 5 lounge chairs purchased on April 3. Received a credit memorandum. 10 Paid the trucking firm P860 for delivery of the tables purchased on April 8. 13 Paid for the chairs purchased on April 3. 17 Received payment for the chairs sold on April 7, 20 Paid for the tables purchased on April 8 April Required: Prepare the journal entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Financial Accounting
Transcribed Image Text:Problem #13
Journalizing Merchandising Transactions
Ofelia Coronado Furniture Store entered into the following transactions in the month of
April:
3 Purchased 50 lounge chairs at P1,500 each with terms 2/10, net
45. The chairs were shipped FOB destination.
7 Sold 6 chairs for P3,200 each, terms 2/10, net 30.
8
Purchased 20 patio umbrella tables for P1,200 each, FOB shipping
point, terms 1/10, net 30.
9 Due to defects, returned 5 lounge chairs purchased on April 3.
Received a credit memorandum.
10 Paid the trucking firm P860 for delivery of the tables purchased on
April 8.
13
Paid for the chairs purchased on April 3.
17 Received payment for the chairs sold on April 7.
20 Paid for the tables purchased on April 8
April
Required:
Prepare the journal entries.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
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