Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.
Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required:
Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.
Transcribed Image Text:Practice
Transactions
General Journal
Oct
Date
Item
Description
Particulars
P.R.
Debit
Credit
20-
Source Document: Purchase Invoice
For the following:
1
2
4
An advertisement placed in the local paper.
2
3
Amount:
PHP 1,020.00 plus HST
|Рayment:
|Cash Tendered
6.
5 Source Document: Purchase Invoice
For the following: Advance payment for a year's rental of the company's store retroactive to the 1st.
Amount:
PHP 800.00 plus HST
Payment:
Cash Tendered
10
10
11
11
12
12
6 Source Document:
Sales Return Slip
13
13
For the following: Damaged merchandise was received from the customer.
14
14
Amount:
PHP 820.00 plus HST
15
15
Payment:
Credit Transaction
NOTE: goods have already been paid for.
16
16
17
17
18
18
Source Document: Cheque Copy
For the following:
7
19
19
Payment on account to Hong Kong Toy Suppliers Inc.
20
20
Amount:
PHP 130.00
| 21
21
| Рayment:
Cash Paid Out
22
22
2 /10, n/30
Terms we took:
23
23
24
24
Source Document: Memo from owner, J. Boulton
25
8
25
For the following:
Owner withdrew pencils and erasers from the business to write her first novel.
26
26
Amount:
PHP 260.00 plus HST
27
27
|Раyment:
N/A
28
28
29
29
30
30
Source Document: Sales Invoice
For the following: Goods purchased by Sarita Guardado.
31
31
32
32
Amount:
PHP 7,300.00 plus HST
33
33
Payment:
Cash Tendered
34
34
Terms we offered:
2 /10, n/30
35
35
36
36
10 Source Document: Vendor's Credit Memo
For the following: Inventory damaged upon arrival from the vendor was returned.
37
10
37
38
38
Amount:
PHP 295.00 plus HST
39
39
Payment:
Credit Transaction
NOTE: goods have not yet been paid for.
40
40
41
41
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