On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash.Succeeding transactions are as follows: Prepare the general journal DateTransactionsPurchased scented candles from Pax Candles, P 7,500. terms : P 2,500 down, balance2/10, n30Purchased shell decors from Divi Crafts distributor, P 10,000. Term: 3% eom, n/30, FOBshipping point, freight collect.July 234Freight on shell decors paid in cash P 7505Cash sales amounted to P 15,000.Sold to Manuela's Grocery goods costing P 9,000. terms: 4,000 down, balance 2/5, 1/10,n 3078Purchased office supplies from Rex bookstore P 1,500. Terms: COD10Returned part of the candles purchased from Pax which were found unsatisfactory, P500.12A customer returned merchandise and was given a cash refund of P 220.13The account of Manuela's was collected.15Paid salaries in cash to office clerk, P 2,500, and store helper, P 3,500.17Delivered goods to Kulasa Scents, P 14,000. Terms, COD18Paid Divi Crafts P 5,000 less the corresponding discount.Maria Pena, a friend, bought goods with a list price of P 5,500. terms: 1% and 2% tradediscounts, balance 2/10, n/30. FOB shipping point. Freight prepaid for Pena P 500.1920Paid Pax candles in full of account.25Collected 20% from Maria Pena31Paid 3% percentage tax on net sales.

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Description: On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash.Succeeding transactions are as follows: Prepare the general journal DateTransactio

July 1 Purchase Dr. 50000 Cash Dr. 200000 Capital Cr. 250000 ( being…

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On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash. Succeeding transactions are as follows: Prepare the general journal

On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash. Succeeding transactions are as follows: Prepare the general journal

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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