Required:• JOURNAL ENTRIES INSTRUCTIONSProblems:A. The following selected transactions pertaining topurchases were completed during MarchMarch 2 - Bought merchandising from LeviCompany with a list price P18,000Terms COD with a 10% trade discount exclusive offreight of P1,2-which was alsopaid.3- Returned defective merchandise to LeviCompany P 1,500 and was given a cash refund6- Purchase merchandise from Cortan Traders,P10,000 terms 2/10.n/30 and paid freightof P500.7-A credit memo was received from CortanTraders for defective merchandise returned,P2,0009- Made a partial payment to Cortan Traders, P5,00016 - Paid the account of Cortan Traders in full.Required: Journalize the above transactions( without explanation )B. The following selected transactions pertainingto Sales were recorded for the month of AugustAugust 3- Cash Sales. List Price, P50,000 withtrade discount of8% and 5% freight paid P4,0006- Gave a cash refund for defective merchandisereturned, P2,0007- Sold merchandise to Leony valued at P 35,000terms: 2/10,1/15,nh/458- Defective merchandise returned by Leony,P5,000 for which a credit memo wasgiven.11- Leony made a partial payment of P 20,00022 - Collected the account of Leony in fullRequired" Give your Journal entry (withoutexplanation ) to record the above transactions.ATTACHMENTSB. The following selected transactions pertainingto Sales were recorded for the month of AugustAugust 3 - Cash Sales. List Price, P50,000 withtrade discount of8% and 5% freight paid P4,0006- Gave a cash refund for defective merchandisereturned, P2,0007- Sold merchandise to Leony valued at P 35,000terms: 2/10,1/15,nh/458 - Defective merchandise returned by Leony,P5,000 for which a credit memo wasgiven.11- Leony made a partial payment of P 20,00022 - Collected the account of Leony in fullRequired" Give your Journal entry ( withoutexplanation ) to record the above transactions.

Journal: It is the primary book of accounts where all the business transactions are recorded at…

purchases were completed during March March 2- Bought merchandising from Levi Company with a list price P18,000 Terms COD with a 10% trade discount exclusive of reight of P1,2-which was also paid. 3-Returned defective merchandise to Levi Company P 1,500 and was given a cash refund 5- Purchase merchandise from Cortan Traders, P10,000 terms 2/10.n/30 and paid freight of P500. 7-A credit memo was received from Cortan

purchases were completed during March March 2- Bought merchandising from Levi Company with a list price P18,000 Terms COD with a 10% trade discount exclusive of reight of P1,2-which was also paid. 3-Returned defective merchandise to Levi Company P 1,500 and was given a cash refund 5- Purchase merchandise from Cortan Traders, P10,000 terms 2/10.n/30 and paid freight of P500. 7-A credit memo was received from Cortan

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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On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the amount of P8,000. The entry would be * debit to prepaid rent, P8,000; credit to cash, P8,000. debit to expenses rent, P8,000; credit to cash, P8,000. debit to prepaid rent, P8,000; credit to accounts payable, P8,000. debit to expenses rent, P8.000; credit to accounts payable, P8,000. Helenita Ruiz invested P240,000 in the business. The transaction resulted to * cash increase; capital increase. cash increase; liability increase. cash increase; assets decrease. cash increase; liability decrease.
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