Recording Transactions in the Cash Receipts and Cash Payments JournalsSpecial and Combination Journals, and Voucher System 481June 2015. The company uses cash receipts and cash payments journal.Borrowed P60,000 from the V. Espiritu Bank by issuing a 12%, 60-dayThe following cash transactions of the Papa Distributors occurred during the month ofNAME:SCORE:SECTION:PROFESSOR:Problem #4Borrowed P60,000 from the y Espiritu Bank by issuing a 12%, 60-daynote payable.Purchased merchandise, P47.000. Issued check no. 71.Sold merchandise, P62,000.June 19.Paid an invoice amounting to P28.000 to Y. Filamor Company less 270discount. Issued check no. 72.7Collected amount due less 3% discount on an invoice of P29,000 fromD. Sandoval Company.10Collected amount due less 3% discount on an invoice of P22,000 fromD. Mallari Supplies.Paid freight chárges on sales, P1,000. Issued check no. 73.Paid for advertising, P3,000. Issued check no. 74.Paid salaries, P12,000. Issued check no. 75.Sold merchandise, P33,000.12141518Paid an invoice amounting to P29,000 to the C. Gonzaga Company less2% discount. Issued check no. 76.19Collected P26,000 past due invoice from R. Reyes Company.Purchased merchandise, P9,000. Issued check no. 77.Paid past due invoice to D. Ramos, Inc., P32,000. Issued check no. 78.V. Abulencia, the owner, withdrew P30,000 from the business. Issued20232628check no. 79.Required:Record the transactions in the cash receipts and cash payments journals. Foot andcrossfoot the journals.eas246

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Description: Recording Transactions in the Cash Receipts and Cash Payments JournalsSpecial and Combination Journals, and Voucher System 481June 2015. The company uses cash receipts and cash payments journal.Borrowed P60,000 from the V. Espiritu Bank by issuing a

Cash receipt and cash payment journals are the specific types of journals prepared during the entire…

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Business

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Record the transactions in the cash receipts and cash payments journals. Foot and crossfoot the journals.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Recording Transactions in the Cash Receipts and Cash Payments Journals
Special and Combination Journals, and Voucher System 481
June 2015. The company uses cash receipts and cash payments journal.
Borrowed P60,000 from the V. Espiritu Bank by issuing a 12%, 60-day
The following cash transactions of the Papa Distributors occurred during the month of
NAME:
SCORE:
SECTION:
PROFESSOR:
Problem #4
Borrowed P60,000 from the y Espiritu Bank by issuing a 12%, 60-day
note payable.
Purchased merchandise, P47.000. Issued check no. 71.
Sold merchandise, P62,000.
June 1
9.
Paid an invoice amounting to P28.000 to Y. Filamor Company less 270
discount. Issued check no. 72.
7
Collected amount due less 3% discount on an invoice of P29,000 from
D. Sandoval Company.
10
Collected amount due less 3% discount on an invoice of P22,000 from
D. Mallari Supplies.
Paid freight chárges on sales, P1,000. Issued check no. 73.
Paid for advertising, P3,000. Issued check no. 74.
Paid salaries, P12,000. Issued check no. 75.
Sold merchandise, P33,000.
12
14
15
18
Paid an invoice amounting to P29,000 to the C. Gonzaga Company less
2% discount. Issued check no. 76.
19
Collected P26,000 past due invoice from R. Reyes Company.
Purchased merchandise, P9,000. Issued check no. 77.
Paid past due invoice to D. Ramos, Inc., P32,000. Issued check no. 78.
V. Abulencia, the owner, withdrew P30,000 from the business. Issued
20
23
26
28
check no. 79.
Required:
Record the transactions in the cash receipts and cash payments journals. Foot and
crossfoot the journals.
eas
246

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