PLEASE CHECK MY ENTRIES IF IT CORRECT Date Explanation F Debit Credit 2015 01-Dec Cash 230,000 Merchandise inventory 75,000 HC Capital 305,000 03-Dec Accounts payable 2,500 Bank 2,500 04-Dec Cash 30,240 Sales revenue 27,000 VAT payable 3,240 05-Dec Accounts receivable 20,720 Sales revenue 18,500 VAT payable 2,220 06-Dec Sales returns and allowances 1,850 VAT Payable 222 Accounts receivable 2,072 07-Dec Merchandise inventory 25,000 Input VAT 3,000 Accounts payable 28,000 09-Dec Merchandise inventory 1,300 Input VAT 156 Cash 1,456 10-Dec Cash 20,350 Sales discount 370 Accounts receivable 20,720 12-Dec Accounts payable 28,000 Merchandise inventory 500 Bank 27,500 13-Dec Merchandise inventory 13,800 Input VAT 1,656 Cash 15,456 14-Dec Office equipment 50,000 Cash 10,000 Accounts payable 40,000 15-Dec Salaries expense 20,000 Bank 19,000 Withholding tax payable 1,000 17-Dec Accounts receivable 11,760 Sales revenue 10,500 VAT payable 1,260 18-Dec Cash 19,992 Sales revenue 17,850 VAT payable 2,142 19-Dec Sales returns and allowances 800 Cash 800 20-Dec Store Supplies 3900 Input VAT 468 Accounts Payable 4368 21-Dec Bank 108000 Interest 12000 Worldwide Banking Corporation 120000 23-Dec Merchandise Inventory 15000 Input Vat 1800 Accounts Payable 16800 25-Dec Merchandise Inventory 18600 Input Vat 2232 Cash 20832 26-Dec Cash 2000 Purchase Return 2000 28-Dec Accounts Receivable 8400 Sales Revenue 7500 Vat Payable 900 29-Dec Accounts Receivable 8780.8 Cash 2195.2 Sales Revenue 9800 Vat Payable 1176 29-Dec Accounts Payable 40000 Cash 38000 Discount Received 2000 30-Dec Accounts Payable 2000 Bank 1900 Discount Received 100 31-Dec Vat Payable 10716 Input VAT 9312 Cash 1404
PLEASE CHECK MY ENTRIES IF IT CORRECT Date Explanation F Debit Credit 2015 01-Dec Cash 230,000 Merchandise inventory 75,000 HC Capital 305,000 03-Dec Accounts payable 2,500 Bank 2,500 04-Dec Cash 30,240 Sales revenue 27,000 VAT payable 3,240 05-Dec Accounts receivable 20,720 Sales revenue 18,500 VAT payable 2,220 06-Dec Sales returns and allowances 1,850 VAT Payable 222 Accounts receivable 2,072 07-Dec Merchandise inventory 25,000 Input VAT 3,000 Accounts payable 28,000 09-Dec Merchandise inventory 1,300 Input VAT 156 Cash 1,456 10-Dec Cash 20,350 Sales discount 370 Accounts receivable 20,720 12-Dec Accounts payable 28,000 Merchandise inventory 500 Bank 27,500 13-Dec Merchandise inventory 13,800 Input VAT 1,656 Cash 15,456 14-Dec Office equipment 50,000 Cash 10,000 Accounts payable 40,000 15-Dec Salaries expense 20,000 Bank 19,000 Withholding tax payable 1,000 17-Dec Accounts receivable 11,760 Sales revenue 10,500 VAT payable 1,260 18-Dec Cash 19,992 Sales revenue 17,850 VAT payable 2,142 19-Dec Sales returns and allowances 800 Cash 800 20-Dec Store Supplies 3900 Input VAT 468 Accounts Payable 4368 21-Dec Bank 108000 Interest 12000 Worldwide Banking Corporation 120000 23-Dec Merchandise Inventory 15000 Input Vat 1800 Accounts Payable 16800 25-Dec Merchandise Inventory 18600 Input Vat 2232 Cash 20832 26-Dec Cash 2000 Purchase Return 2000 28-Dec Accounts Receivable 8400 Sales Revenue 7500 Vat Payable 900 29-Dec Accounts Receivable 8780.8 Cash 2195.2 Sales Revenue 9800 Vat Payable 1176 29-Dec Accounts Payable 40000 Cash 38000 Discount Received 2000 30-Dec Accounts Payable 2000 Bank 1900 Discount Received 100 31-Dec Vat Payable 10716 Input VAT 9312 Cash 1404
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
PLEASE CHECK MY ENTRIES IF IT CORRECT
Date | Explanation | F | Debit | Credit | |
2015 | 01-Dec | Cash | 230,000 | ||
Merchandise inventory | 75,000 | ||||
HC Capital | 305,000 | ||||
03-Dec | Accounts payable | 2,500 | |||
Bank | 2,500 | ||||
04-Dec | Cash | 30,240 | |||
Sales revenue | 27,000 | ||||
VAT payable | 3,240 | ||||
05-Dec | 20,720 | ||||
Sales revenue | 18,500 | ||||
VAT payable | 2,220 | ||||
06-Dec | Sales returns and allowances | 1,850 | |||
VAT Payable | 222 | ||||
Accounts receivable | 2,072 | ||||
07-Dec | Merchandise inventory | 25,000 | |||
Input VAT | 3,000 | ||||
Accounts payable | 28,000 | ||||
09-Dec | Merchandise inventory | 1,300 | |||
Input VAT | 156 | ||||
Cash | 1,456 | ||||
10-Dec | Cash | 20,350 | |||
Sales discount | 370 | ||||
Accounts receivable | 20,720 | ||||
12-Dec | Accounts payable | 28,000 | |||
Merchandise inventory | 500 | ||||
Bank | 27,500 | ||||
13-Dec | Merchandise inventory | 13,800 | |||
Input VAT | 1,656 | ||||
Cash | 15,456 | ||||
14-Dec | Office equipment | 50,000 | |||
Cash | 10,000 | ||||
Accounts payable | 40,000 | ||||
15-Dec | Salaries expense | 20,000 | |||
Bank | 19,000 | ||||
Withholding tax payable | 1,000 | ||||
17-Dec | Accounts receivable | 11,760 | |||
Sales revenue | 10,500 | ||||
VAT payable | 1,260 | ||||
18-Dec | Cash | 19,992 | |||
Sales revenue | 17,850 | ||||
VAT payable | 2,142 | ||||
19-Dec | Sales returns and allowances | 800 | |||
Cash | 800 | ||||
20-Dec | Store Supplies | 3900 | |||
Input VAT | 468 | ||||
Accounts Payable | 4368 | ||||
21-Dec | Bank | 108000 | |||
Interest | 12000 | ||||
Worldwide Banking Corporation | 120000 | ||||
23-Dec | Merchandise Inventory | 15000 | |||
Input Vat | 1800 | ||||
Accounts Payable | 16800 | ||||
25-Dec | Merchandise Inventory | 18600 | |||
Input Vat | 2232 | ||||
Cash | 20832 | ||||
26-Dec | Cash | 2000 | |||
Purchase Return | 2000 | ||||
28-Dec | Accounts Receivable | 8400 | |||
Sales Revenue | 7500 | ||||
Vat Payable | 900 | ||||
29-Dec | Accounts Receivable | 8780.8 | |||
Cash | 2195.2 | ||||
Sales Revenue | 9800 | ||||
Vat Payable | 1176 | ||||
29-Dec | Accounts Payable | 40000 | |||
Cash | 38000 | ||||
Discount Received | 2000 | ||||
30-Dec | Accounts Payable | 2000 | |||
Bank | 1900 | ||||
Discount Received | 100 | ||||
31-Dec | Vat Payable | 10716 | |||
Input VAT | 9312 | ||||
Cash | 1404 |

Transcribed Image Text:Received additional cash investment from Hershey Chan, P230,000 and
merchandise worth P75,000.
Issued check no. 1781 in payment for the previous month's light and water bills,
P2,500.
Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%.
Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account,
P18,500. Terms: 2/5, n/30.
Granted 10% allowance on the merchandise sold to Atty. Rudolf.
Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45,
FOB shipping point.
Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7,
P1,300.
Received payment from Atty. Rudolf.
Issued check no. 1782 in payment of the account to AZ Commodities.
Issued check no. 1783 in payment of the cash purchases amounting P13,800.
Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% down
payment, balance 5/15, n/60.
Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less
5% withholding tax
Issued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500.
Terms: n/30.
Dec.
1
3
4
5
6.
7
10
12
13
14
15
17
Cash sales, P17,850.
Refunded customer for merchandise delivered with defects, P800, (without VAT).
Purchased more store supplies on account from Victorino Supplies, P3,900.
Terms: 5%/ eom.
18
19
20
Received loan proceeds from Worldwide Banking Corporation: principal amount,
P120,000; interest deducted in advance, P12,000. Hershey Chan issued
promissory note for this loan
Purchased merchandise on account from Optima General Merchandise, P15,000.
Terms: 5/10, n/30
Issued check no. 1785 for cash purchases of merchandise, P18,600.
Received refund from supplier due to deliveries with defects, P2,000, ( without VAT)
Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account,
P7,500. Terms: n/30.
Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800.
Terms: 20% downpayment, 2/5, n/30.
Issued check no. 1786 in payment of more store supplies from Victorino Supplies,
P2,000.
Paid amount due Victorino Supplies for transaction dated December 20
Issued check no. 1787 in payment of the salaries of the employees, P20,000 less
5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG.
Close input tax against output tax
21
23
25
26
28
29
30
31
31
31
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