Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of P150,00. He purchase on account merchandise worth P25,000, 2/10,n/30. Billed sales of P14,300, 2/10, n/30. Cost of merchandise, P7,150 Paid the transportation of goods from the supplier, P220. Returned merchandise to supplier bought last April 1 worth P1,500. Paid transportation fee upon delivery of goods to a customer, P150. Paid the April 1 purchases. Received cash from sales of P6,300. Cost of merchandise, P3,150. Customer who paid in cash returned goods worth P220, costing P150. Sales on account worth P1,500. Cost of merchandise, P750. Conducted year end inventory count worth, P12,200 August 1 14 19 24 29 30 31

Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of P150,00. He purchase on account merchandise worth P25,000, 2/10,n/30. Billed sales of P14,300, 2/10, n/30. Cost of merchandise, P7,150 Paid the transportation of goods from the supplier, P220. Returned merchandise to supplier bought last April 1 worth P1,500. Paid transportation fee upon delivery of goods to a customer, P150. Paid the April 1 purchases. Received cash from sales of P6,300. Cost of merchandise, P3,150. Customer who paid in cash returned goods worth P220, costing P150. Sales on account worth P1,500. Cost of merchandise, P750. Conducted year end inventory count worth, P12,200 August 1 14 19 24 29 30 31

Name: Under periodic inventory system, prepare a journal entry. Quarantino C
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Description: Under periodic inventory system, prepare a journal entry. Quarantino Covidap decided to established his own Coviduvidup Hardware Storeby investing cash of P150,000.He purchase on account merchandise worth P25,000, 2/10,n/30.Billed sales of P14,300, 2

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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