Prepare the journal entry to record the following independent transactions: 1. Siopao Queen paid its P1,390 electric bill for the month. 2. Friendly Store sold for cash, P4,5000 worth of merchandise. The cost of goods sold is P2,300. The company uses perpetual inventory system. 3. Waldo Merchandising purchased on account P23,000 goods for resale from Melody Inc. The company uses periodic inventory system. 4. Butch Auto Repair purchased a building for his business at a cost of P500,000. Butch paid P300,000 and for the balance he issued a promissory note payable 60 days after. 5. Seth Laundry Company paid advertising contract for one month, P2,000.

Prepare the journal entry to record the following independent transactions: 1. Siopao Queen paid its P1,390 electric bill for the month. 2. Friendly Store sold for cash, P4,5000 worth of merchandise. The cost of goods sold is P2,300. The company uses perpetual inventory system. 3. Waldo Merchandising purchased on account P23,000 goods for resale from Melody Inc. The company uses periodic inventory system. 4. Butch Auto Repair purchased a building for his business at a cost of P500,000. Butch paid P300,000 and for the balance he issued a promissory note payable 60 days after. 5. Seth Laundry Company paid advertising contract for one month, P2,000.

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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Abdulla Co. purchased $2,600 of merchandise from Adel Co. on April 10 with terms 2/10, n/30. On April 27, it returned $300 worth of merchandise. On May 6, it paid the full amount due to Adel Co. The journal entry to record the purchase on April 10 is: O A. Dr. Merchandise Inventory $2,600; Cr. Accounts Payable $2,600 Dr. Merchandise Inventory $2,600; Cr. Sales Returns $300; credit Cash $2,300 Dr. Accounts Payable $2,600; Cr. Merchandise Inventory $2,600 В. OC. D. Dr. Merchandise Inventory $2,300; Cr. Cash $2,300 Activate Windows « Go to Settihgs to activate Windov Moving to another question will save this response. Close Window