Please help me journalize all the transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me journalize all the transactions. I will surely hit the like button. Thank you
Transcribed Image Text:LEE GAO PUT UP A MERCHANDISING BUSINESS UNDER THE TRADE NAME
WEEN TRADING. THE END OF FISCAL YEAR IS JUNE 30. DURING THE
MONTH OF JUNE, THE FOLLOWING TRANSACTIONS OCCURRED:
The owner invested the following: Cash – P500,000;
Merchandise - P50,000
June
1 Paid municipal licenses and permits, P1,260
Bought office equipment from Royal Equipment, P48,000 terms
1
n/15
1 Paid freight on the purchase of equipment, P2,000
1 Paid 3 months rent in advance, P45,000
1 Bought office supplies from Cunanan Supply, P1,250 for cash
Bought merchandise from Zebra Trading, P40,000 terms, 2/10,
1
n/30 and paid freight of P1,600
1 Paid for the 2 months advertisement in the newspaper, P10,000
June
2 Cash purchases, P22,000 with trade discount of 10%
3 Cash sales, list price of P86,000 with trade discount of 4%
5 Bought office tables and chairs from Lucas
P42,650 terms 1/10, n/30
iture,
6 Returned defective tables to Lucas Furniture, costing
P2,650
7 The owner invested his computer in the business, P75,000
8 Bought merchandise from Zebra Trading, P16,000 terms
2/10, n/30 and paid freight of P800
10 Sold merchandise to Cruz Enterprises P36,500 terms
10/10, n/30 and paid freight of P920
11 Sold merchandise to Andaya Company, P12,500 terms
n/60
June 12 Cruz Enterprise returned defective merchandise P6,500
Paid the following: Sales Salaries P12,000; Office Salaries
P18,000
15
15
Borrowed money from PNB, P200,000 payable in 5 years
15
The owner withdrew cash P10,000 for his personal use.
15
Bought delivery van P850,000, terms 20% downpayment
balance payable in one year.
16
Cruz Enterprise made a partial payment of P20,000
16 Sold merchandise to Lion Trading with a list price of
P25,000 terms 8% TD, 2/10, n/30
Issued a 60-day 6% note to Leopard Trading, P8,000 for
merchandise bought
17
June 18 Bought merchandise from Tigers Co. P18,000 terms n/60
19 Sold merchandise to Abenson, P34,000 terms 3/5, 2/10,
n/30 and paid freight of P2,200
Bought merchandise from Elephant Trading, P16,000
terms 3/15, 1/20, n/40
19
20
Cruz Enterprise paid the account in full.
21
Lion Trading made a partial payment of P11,000
21
Abenson returned defective merchandise, P4,000
Returned to Elephant Trading defective merchandise
worth P2,500
21
23
Abenson made a partial payment of P11,000
Transcribed Image Text:23
Abenson made a partial payment of P11,000
June 25 Sold to Alhambra merchandise, P26,000 terms 1/5, n/EOM
Received a 30-day 6% note from Litonjua Co. for
merchandise sold, P6,000
26
27
Received a cash refund for defective merchandise
returned, P2,000
28
Gave a cash refund for a cash customer, P1,200 for
defective merchandise returned
29
Abenson paid his account full
Bought merchandise from Abra Trading, P20,000 terms
3/5, n/10
29
30
The owner withdrew cash P12,000 for his personal use.
30
Paid one year insurance, P24,000
Dec. 30 Paid the following: Sales Salaries P12,000; Office
Salaries P15,000
30 Paid the following bills: Meralco P11,800; Water
Bill P8,700
30 A tenant paid two months advance rental,
P4,000
30 Cash sales, P50,000 with trade discount of 8%
30 Paid the account of Abra Trading in full
The following are the adjustments to
be made on June 30, 2020:
1. Ending inventory, P102,400
2. Prepaid Rent, P30,000
3. Depreciation of office equipment, P1,025
4. Unused supplies, P250
5. Prepaid advertising, P5,000
6. Depreciation of furniture and fixture, P330
7. Accrued interest on notes payable, P20
8. Depreciation of delivery van, P7,000
The following are the adjustments to
be made on June 30, 2020:
9. Accrued interest on notes receivable, P15
10. Prepaid insurance, P22,000
11. Unearned rental income, P2,000
12. Provision for bad debts, P1,410
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