Prepare journal entries Oct 7 Sold merchandise on credit to Lacson Retailers terms n/30, FOB shipping point P30,000 1. Purchased merchandise on credit from ORCAJADA Wholesalers terms n/30 FOB shipping point, ₱60,000 2. Paid Mendoza- corp for shipping charges on merchandise purchased on Oct 8, ₱2, 540 3. Purchase merchandise on credit from Ortiz imports terms n/30 FOB shipping ₱90,000. Freight prepared by Ortiz, ₱6,000. 4. Purchased office supplies on credit from Dedumo Corp, terms n/10, ₱24,000. 5. Returned damaged merchandise received from ORCAJADA Wholesalers on Oct 8 for credit ₱6,000. 6. Received check payment from Lacson Retailers for his purpose on Oct 7 7. Returned a portion of office supplies received on Oct 13 fro credit ₱4,000 8. Sold merchandise for cash, ₱18,000 9. Paid Ortiz imports fro purchase of Oct 10 10. Paid ORCAJADA Wholesalers the balance from the transactions on Oct 8 and 14 11. Accepted from Tagum Corp a return of merchandise, ₱2,000.
Prepare journal entries Oct 7 Sold merchandise on credit to Lacson Retailers terms n/30, FOB shipping point P30,000 1. Purchased merchandise on credit from ORCAJADA Wholesalers terms n/30 FOB shipping point, ₱60,000 2. Paid Mendoza- corp for shipping charges on merchandise purchased on Oct 8, ₱2, 540 3. Purchase merchandise on credit from Ortiz imports terms n/30 FOB shipping ₱90,000. Freight prepared by Ortiz, ₱6,000. 4. Purchased office supplies on credit from Dedumo Corp, terms n/10, ₱24,000. 5. Returned damaged merchandise received from ORCAJADA Wholesalers on Oct 8 for credit ₱6,000. 6. Received check payment from Lacson Retailers for his purpose on Oct 7 7. Returned a portion of office supplies received on Oct 13 fro credit ₱4,000 8. Sold merchandise for cash, ₱18,000 9. Paid Ortiz imports fro purchase of Oct 10 10. Paid ORCAJADA Wholesalers the balance from the transactions on Oct 8 and 14 11. Accepted from Tagum Corp a return of merchandise, ₱2,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
100%
Prepare journal entries
Oct 7 Sold merchandise on credit to Lacson Retailers terms n/30, FOB shipping point P30,000
1. Purchased merchandise on credit from ORCAJADA Wholesalers terms n/30 FOB shipping point, ₱60,000
2. Paid Mendoza- corp for shipping charges on merchandise purchased on Oct 8, ₱2, 540
3. Purchase merchandise on credit from Ortiz
imports terms n/30 FOB shipping ₱90,000. Freight prepared by Ortiz, ₱6,000.
4. Purchased office supplies on credit from Dedumo Corp, terms n/10, ₱24,000.
5. Returned damaged merchandise received from ORCAJADA Wholesalers on Oct 8 for credit ₱6,000.
6. Received check payment from Lacson Retailers for his purpose on Oct 7
7. Returned a portion of office supplies received on Oct 13 fro credit ₱4,000
8. Sold merchandise for cash, ₱18,000
9. Paid Ortiz imports fro purchase of Oct 10
10. Paid ORCAJADA Wholesalers the balance from the transactions on Oct 8 and 14
11. Accepted from Tagum Corp a return of merchandise, ₱2,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 4 images
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