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Record the following transactions in the general journal.

Record the following transactions in the general journal.

FINANCIAL ACCOUNTING
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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Record the following transactions in the general journal.
30 30 30 30 30 30 Paid one year insurance P24,000. Paid the following expenses: Sales Salaries P12,000; and Office Salaries P15,000. Paid the following bills: Meralco bill P11,800; and Water bill P8,700. A tenant paid two months rental in advance P4,000. Cash sales P50,000 with trade discount 8%. Paid the account of Abra Trading in full (See trnx June 29).
Transcribed Image Text:30 30 30 30 30 30 Paid one year insurance P24,000. Paid the following expenses: Sales Salaries P12,000; and Office Salaries P15,000. Paid the following bills: Meralco bill P11,800; and Water bill P8,700. A tenant paid two months rental in advance P4,000. Cash sales P50,000 with trade discount 8%. Paid the account of Abra Trading in full (See trnx June 29).
RRR put up a merchandising business under the name WEEN Trading. The end of the fiscal year is June 30, 2021. During June, the following transactions occurred: June 1 The owner invested the following: Cash 500.000 50,000 Merchandise 1 Paid municipal licenses and permits P1,260. 1 Bought office equipment from Royal Equipment, P48,000 terms n/15. Paid freight on the purchase of equipment P2,000. 1 1 Paid three months rent in advance P45,000. 1 Bought office supplies from Cunanan Supply P1,250 terms cash. 1 Bought merchandise from Zebra Trading P40,000 term 2/10 n/30 and paid freight of P1,600. 1 Paid for two moths advertisement in the newspaper P10,000. Cash purchases P22,000 with trade discount of 10%. 2 3 Cash sales, list price of P86,000 with trade discount of 4%. 5 6 Bought office tables and chairs from Lucas Furniture P42,650 terms 1/10, n/30. Returned to Lucas Trading defective tables costing P2,650 (see trnx June 5) The owner invested his computer in the business P75,000. 7 8 Bought merchandise from Zebra Trading P16,000 terms 2/10, n/30 and paid freight of P800. 10 Sold merchandise to Cruz Enterprise P36,500 terms 10/10, n/30 and paid freight of P920. 11 Sold merchandise to Andaya Company P12,500 term n/60. 12 Cruz Enterrprise returned defective goods P6,500 (See trnx June 10) Paid the following: Sales Salaries P12,000; Office Salaries P18,000. 15 15 Bought delivery van P850,000 terms 20% down and the balance payable in one year. 16 16 Cruz Enterprise made a partial payment of P20,000. (See trnx June 10 & 12) Sold merchandise to Lion Trading with a list price of P25,000 terms 8% TD, 2/10,n/30. 17 Issued a 60-day note to Leopard Trading P8,000 for merchandise BOUGHT. Bought merchandise from Tigers Co P18,000 terms n/60. Sold merchandise to Abenson P14,000 terms 3/5, 2/10, n/30 and paid freight of P2,200. 19 Bought merchandise from Elephant Trading P16,000 terms 3/15, 1/20, n/40. 20 Cruz Enterprise paid his account in full (See trnx June 10, 12, and 16). 21 Lion Trading made a partial payment of P10,000 (See trnx June 16). 21 Abenson returned merchandise P4,000 (See trnx June 19). 21 Returned to Elephant Trading merchandise worth P2,500 (See trnx June 19). 23 Abenson made a partial payment of P1,000 (See trnx June 19). 25 Sold to Alhambra merchandise P26,000 terms 1/5, n/eom. 26 Received a 30-day 6% note from Litonjua Co for merchandise sold P6,000. 27 Received a cash refund for defective merchandise returned P2,000. Gave a cash refund to a cash customer P1.200 for defective merchandise returned. 29 Abenson paid his account in full. (See trnx June 19, 21 and 23). 29 Bought merchandise from Abra Trading P20,000 terms 3/5, n/10. 30 The owner withdrew cash for his personal use P12,000. 189 22248Nº 228
Transcribed Image Text:RRR put up a merchandising business under the name WEEN Trading. The end of the fiscal year is June 30, 2021. During June, the following transactions occurred: June 1 The owner invested the following: Cash 500.000 50,000 Merchandise 1 Paid municipal licenses and permits P1,260. 1 Bought office equipment from Royal Equipment, P48,000 terms n/15. Paid freight on the purchase of equipment P2,000. 1 1 Paid three months rent in advance P45,000. 1 Bought office supplies from Cunanan Supply P1,250 terms cash. 1 Bought merchandise from Zebra Trading P40,000 term 2/10 n/30 and paid freight of P1,600. 1 Paid for two moths advertisement in the newspaper P10,000. Cash purchases P22,000 with trade discount of 10%. 2 3 Cash sales, list price of P86,000 with trade discount of 4%. 5 6 Bought office tables and chairs from Lucas Furniture P42,650 terms 1/10, n/30. Returned to Lucas Trading defective tables costing P2,650 (see trnx June 5) The owner invested his computer in the business P75,000. 7 8 Bought merchandise from Zebra Trading P16,000 terms 2/10, n/30 and paid freight of P800. 10 Sold merchandise to Cruz Enterprise P36,500 terms 10/10, n/30 and paid freight of P920. 11 Sold merchandise to Andaya Company P12,500 term n/60. 12 Cruz Enterrprise returned defective goods P6,500 (See trnx June 10) Paid the following: Sales Salaries P12,000; Office Salaries P18,000. 15 15 Bought delivery van P850,000 terms 20% down and the balance payable in one year. 16 16 Cruz Enterprise made a partial payment of P20,000. (See trnx June 10 & 12) Sold merchandise to Lion Trading with a list price of P25,000 terms 8% TD, 2/10,n/30. 17 Issued a 60-day note to Leopard Trading P8,000 for merchandise BOUGHT. Bought merchandise from Tigers Co P18,000 terms n/60. Sold merchandise to Abenson P14,000 terms 3/5, 2/10, n/30 and paid freight of P2,200. 19 Bought merchandise from Elephant Trading P16,000 terms 3/15, 1/20, n/40. 20 Cruz Enterprise paid his account in full (See trnx June 10, 12, and 16). 21 Lion Trading made a partial payment of P10,000 (See trnx June 16). 21 Abenson returned merchandise P4,000 (See trnx June 19). 21 Returned to Elephant Trading merchandise worth P2,500 (See trnx June 19). 23 Abenson made a partial payment of P1,000 (See trnx June 19). 25 Sold to Alhambra merchandise P26,000 terms 1/5, n/eom. 26 Received a 30-day 6% note from Litonjua Co for merchandise sold P6,000. 27 Received a cash refund for defective merchandise returned P2,000. Gave a cash refund to a cash customer P1.200 for defective merchandise returned. 29 Abenson paid his account in full. (See trnx June 19, 21 and 23). 29 Bought merchandise from Abra Trading P20,000 terms 3/5, n/10. 30 The owner withdrew cash for his personal use P12,000. 189 22248Nº 228
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