Problem 2 - Below is the transaction of Starla Company. For the first month of operation, transactions occurred during the start of its operation in October of the current year: Invested cash P 150,000 and Office Equipment- P10,00o into the business Purchased on account merchandise, P60,000 terms 2/15, n/30 FOB Shipping point. Purchased office supplies P500 on the account. Sold goods for cash P 90,000; Returned defective merchandise, P1,000. Sold goods on account, P50,000 to customers with credit terms: 2/15, EOM FOB Destinati Paid the freight charges on transaction made on Oct.3, P200 Paid half the purchases made on Oct. 3, Discount was allowed Made additional purchases for cash, P35,000. Borrowed from the bank P 200,000 and issued a 5-year promissory note. Paid salaries to employees - P 3,000. Refunded P300 to customers. Sold merchandise for P 55,000. FOB Destination terms 2/15, EOM Paid the freight charges on Oct. 10 and 17 - P700. Collected half from customers on account on Oct. 10. The discount was not allowed Sold Merchandise, P 75,000 FOB destination terms 2/10, n/30 Owner got P 5,000 from the business. Paid the following: salaries P3,000., Rent - P 1,000; Utilities- P1500, Advertising - P6c Merchandise inventory at the end amounts to P 8,000. 1 3 4 6. 10 10 11 12 14 15 16 17 20 20 26 27 28 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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can you please prepare journal entry, ledger, and trial balance thankyou so much!

Problem 2 - Below is the transaction of Starla Company. For the first month of operation, the followi
transactions occurred during the start of its operation in October of the current year:
Invested cash P 150,000 and Office Equipment- P10,000 into the business
Purchased on account merchandise, P60,00o terms 2/15, n/30 FOB Shipping point.
Purchased office supplies P500 on the account.
Sold goods for cash P 90,000;
Returned defective merchandise, P1,000.
Sold goods on account, P50,000 to customers with credit terms: 2/15, EOM FOB Destination
Paid the freight charges on transaction made on Oct.3, P20o
Paid half the purchases made on Oct. 3, Discount was allowed
Made additional purchases for cash, P35,000.
Borrowed from the bank P 200,000 and issued a 5-year promissory note.
Paid salaries to employees - P 3,000.
Refunded P30o0 to customers.
Sold merchandise for P 55,000. FOB Destination terms 2/15, EOM
Paid the freight charges on Oct. 10 and 17 - P700.
Collected half from customers on account on Oct. 10. The discount was not allowed
Sold Merchandise, P 75,000 FOB destination terms 2/10, n/30
Owner got P 5,000 from the business.
Paid the following: salaries P3,000., Rent - P 1,000; Utilities- P1500, Advertising - P600
Merchandise inventory at the end amounts to P 8,000.
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Transcribed Image Text:Problem 2 - Below is the transaction of Starla Company. For the first month of operation, the followi transactions occurred during the start of its operation in October of the current year: Invested cash P 150,000 and Office Equipment- P10,000 into the business Purchased on account merchandise, P60,00o terms 2/15, n/30 FOB Shipping point. Purchased office supplies P500 on the account. Sold goods for cash P 90,000; Returned defective merchandise, P1,000. Sold goods on account, P50,000 to customers with credit terms: 2/15, EOM FOB Destination Paid the freight charges on transaction made on Oct.3, P20o Paid half the purchases made on Oct. 3, Discount was allowed Made additional purchases for cash, P35,000. Borrowed from the bank P 200,000 and issued a 5-year promissory note. Paid salaries to employees - P 3,000. Refunded P30o0 to customers. Sold merchandise for P 55,000. FOB Destination terms 2/15, EOM Paid the freight charges on Oct. 10 and 17 - P700. Collected half from customers on account on Oct. 10. The discount was not allowed Sold Merchandise, P 75,000 FOB destination terms 2/10, n/30 Owner got P 5,000 from the business. Paid the following: salaries P3,000., Rent - P 1,000; Utilities- P1500, Advertising - P600 Merchandise inventory at the end amounts to P 8,000. 1 4 6. 10 10 11 12 14 15 16 17 20 20 26 27 28 31
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