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on for the Mariano Lerin Bookstore for March 2015 fo chase merchandise on credit from Digao publishers, B destination, P74,000.

on for the Mariano Lerin Bookstore for March 2015 fo chase merchandise on credit from Digao publishers, B destination, P74,000.

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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Create a General Journal.

Transaction for the Mariano Lerin Bookstore for March 2015 follows:

Direction: Using your columnar paper, prepare a general journal using the information below. Transaction for the Mariano Lerin Bookstore for March 2015 follows: Purchase merchandise on credit from Digao publishers, terms 2/10, n/30 FOB destination, P74,000. March 2 3 5 6 7 9 10 11 12 13 14 15 16 Sold merchandise on credit to Detoya Book Shops, terms 1/10, n/30, FOB shipping point, P10,000. Sold merchandise for cash, P7,000. Purchase merchandise on credit from Made Easy Bookstore, terms 2/10 n/30, FOB shipping point, P42,000. Paid freight bill from Super Express from shipping received on March 6 P570. Sold Merchandise on credit to Recoletos Books, terms 1/10, n/30, FOB destination, P38,000. Purchase merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point, P26,500, including freight costs of P500. paid freight bill from Super express for sale on March 9, P291. Paid Digao Publishers for purchase of March 2. Received payment in full for detoya Books Shop's purchase of March 3. Paid Made Easy Bookstore half the amount owned on march 6 purchase. Returned faulty merchandise worth $3,000 to Digao Publishers for credit against purchase of March 10. Purchase office supplies from Olamit Supplies for $4,780, terms n/10.
Transcribed Image Text:Direction: Using your columnar paper, prepare a general journal using the information below. Transaction for the Mariano Lerin Bookstore for March 2015 follows: Purchase merchandise on credit from Digao publishers, terms 2/10, n/30 FOB destination, P74,000. March 2 3 5 6 7 9 10 11 12 13 14 15 16 Sold merchandise on credit to Detoya Book Shops, terms 1/10, n/30, FOB shipping point, P10,000. Sold merchandise for cash, P7,000. Purchase merchandise on credit from Made Easy Bookstore, terms 2/10 n/30, FOB shipping point, P42,000. Paid freight bill from Super Express from shipping received on March 6 P570. Sold Merchandise on credit to Recoletos Books, terms 1/10, n/30, FOB destination, P38,000. Purchase merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point, P26,500, including freight costs of P500. paid freight bill from Super express for sale on March 9, P291. Paid Digao Publishers for purchase of March 2. Received payment in full for detoya Books Shop's purchase of March 3. Paid Made Easy Bookstore half the amount owned on march 6 purchase. Returned faulty merchandise worth $3,000 to Digao Publishers for credit against purchase of March 10. Purchase office supplies from Olamit Supplies for $4,780, terms n/10.
17 Received payment from Recoletos Books for half of the purchase of March 9. 18 19 20 22 25 27 29 31 Paid Digao Publishers in full for amount on purchase of March 10, less return on March 15. Sold merchandise to Sir Ed Trading on credit, terms 2/10, n/30, FOB shipping point, P7,800. Returned for credit several items of office supplies purchase on March 16 P1,280. Issued a credit memo to Sir Ed Trading for returned merchandise. P1,800. Paid for purchase of March 16, less return on March 20. Received payment of amount owned by Sir Ed Trading for purchase of March 19, less credits of March 22. Paid Made Easy Bookstore for the balance on the March 6, purchase. Sold merchandise for cash, P9,730.
Transcribed Image Text:17 Received payment from Recoletos Books for half of the purchase of March 9. 18 19 20 22 25 27 29 31 Paid Digao Publishers in full for amount on purchase of March 10, less return on March 15. Sold merchandise to Sir Ed Trading on credit, terms 2/10, n/30, FOB shipping point, P7,800. Returned for credit several items of office supplies purchase on March 16 P1,280. Issued a credit memo to Sir Ed Trading for returned merchandise. P1,800. Paid for purchase of March 16, less return on March 20. Received payment of amount owned by Sir Ed Trading for purchase of March 19, less credits of March 22. Paid Made Easy Bookstore for the balance on the March 6, purchase. Sold merchandise for cash, P9,730.
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