Prepare journal entries of Davao Agri Center a business owned and managed by Mr. Lance and engaged in buying and selling of agricultural products like fertilizers, pesticides, various vegetable and fruit seeds, farm tools and other related agri products. The entity uses the periodic system of recording inventory. CHART OF ACCOUNTSCashAccounts ReceivableSuppliesPrepaid RentAdvances of EmployeesOffice EquipmentFurnitures & FixturesRent DepositAccounts PayableSS/PHIC/HDMF premium PayableWithholding Tax PayableLance CapitalLance DrawingSalesSales DiscountSales Returns & AllowancesPurchasesPurchase DiscountPurchase Returns & AllowanceFreight InSalaries ExpenseAdvertising ExpenseTaxes and LicenseFreight out and other related agri products. The entity uses the periodic system of recording inven-July 9, - Sold MDSE to Mag-uuma Coop amounting to P450,000 terms: 1/5, n/30 FOBShipping point. Davao Agri paid the freight amounting to P2,500.tory.July 1, 2021- The owner Mr. Lance Mangubat opened an account with Metrobank anddeposited cash amounting to P1,200,000. Also he invested an office equipment (com-puters and printers) valued at P35,000.July 10- One of the sales clerk made a cash advance amounting to P10,000 to be de-ducted from the salary at P2,000 per month.July 12- Purchase MDSE from CHEAP Co. amounting to P80,000 in cash less: 10%, andFOB shipping point. Paid freight P1,000.July 2, 2021- Paid DTI, business permit and BIR registration amounting to P5,000. Alsoon the same date paid the printing press for printing various documents like sales in-voice, official receipts, receiving report, purchase order, cash voucher and journalvoucher to be used in the store amounting to P20,000. (the entity use the asset ap-proach)July 13- Returned to Bukid Supply defective goods worth P5,000 (at list Price).July 14- Paid a radio station for radio ads amounting to P3,000Collected in full the account of Mag-uuma Coop less: 1% cash discount.July 3, 2021- Bought 5 display counters in cash amounting to P25,000.July 15- Paid the 1st half of the salary of sales clerks amounting to P20,000July 5, 2021- Paid the following:July 16- Paid in full the account from Bukid Supply less: freight paid, returns on July 133 months advance rental amounting to P45,00015,00060,0001 month rental deposit amounting toand 2% cash discount.TotalJuly 18- Received defective goods returned by Cavendish Farm amounting to P10,000.- Partial collection of the account of Cavendish Farm P200,000Less: 5% w/holding taxNet amount paid3,000P 57,000July 20- Purchased MDSE from Bukid Supply amounting to P400,000 terms: Less: 5%2/10, n/45 FOB destination freight paid by Bukid Supply amounting P3,000.July 6- Bought MDSE from Bukid Supply amounting to P650,000 terms: less:5%, 2/10,n/45 FOB destination. Davao Agri Center paid the freight amounting to P4,000.July 25- Sold MDSE in cash P150,000.July 7, Sold MDSE to various customers in cash amounting to P120,000.July 27- Mr. Lance withdrew cash for personal use P15,000July 8, Sold MDSE to Cavendish Farm amounting to P250,000 terms: 1/5, n/30 FOB des-tination. Paid freight amounting to P1,200.July 29- Paid the 2nd half salaries of sales clerk amounting to P20,000 less: advances ofemployees P2,000; SSS premium payable P400; Phil health Premium payable 300 andHDMF premium payable P200.

Journal Entry The basic process of accounting is to journalize the required transaction into both…

Prepare journal entries of Davao Agri Center a business owned and managed by Mr. Lance and engaged in buying and selling of agricultural products like fertilizers, pesticides, various vegetable and fruit seeds, farm tools and other related agri products. The entity uses the periodic system of recording inventory.

Prepare journal entries of Davao Agri Center a business owned and managed by Mr. Lance and engaged in buying and selling of agricultural products like fertilizers, pesticides, various vegetable and fruit seeds, farm tools and other related agri products. The entity uses the periodic system of recording inventory.

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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