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Accounting
Required: • Special Journals Note: use the given format attached

Required: • Special Journals Note: use the given format attached

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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Required: • Special Journals Note: use the given format attached
NAME: DATE NAME: DATE DATE DATE NAME OF CUSTOMER NAME OF SUPPLIER DESCRIPTION CASH FORMAT DEBIT SALES JOURNAL TERMS PURCHASES JOURNAL TERMS CASH RECEIPTS JOURNAL ACCOUNTS PAYABLE SALES ACCOUNTS DISCOUNT RECEIVABLE PARTICULARS CREDIT GENERAL JOURNAL ACCOUNTS RECEIVABLE CREDIT DEBIT SALES NOTES RECEIVABLE NOTES PAYABLE PURCHASES SUNDRIES (CREDIT) ACCOUNT TITLE DEBIT CREDIT SALES DEBIT OFFICE EQUIPMEN AMOUNT CREDIT
Transcribed Image Text:NAME: DATE NAME: DATE DATE DATE NAME OF CUSTOMER NAME OF SUPPLIER DESCRIPTION CASH FORMAT DEBIT SALES JOURNAL TERMS PURCHASES JOURNAL TERMS CASH RECEIPTS JOURNAL ACCOUNTS PAYABLE SALES ACCOUNTS DISCOUNT RECEIVABLE PARTICULARS CREDIT GENERAL JOURNAL ACCOUNTS RECEIVABLE CREDIT DEBIT SALES NOTES RECEIVABLE NOTES PAYABLE PURCHASES SUNDRIES (CREDIT) ACCOUNT TITLE DEBIT CREDIT SALES DEBIT OFFICE EQUIPMEN AMOUNT CREDIT
SY 2022-2023 The following are the transactions that transpired on October 2022: 1 Oct. 1 Oct. 1 Oct. 1 Oct. 2 Oct. 2 Oct. 3 Oct. 5 Oct. 6 Oct. 7 Oct. 8 Oct. 9 Oct. 10 Oct. 10 Oct. 11 Oct. 13 Oct. 13 Oct. 15 Oct. 15 Oct. 16 Oct. 17 Oct. 18 Oct. 18 Oct. 20 Oct. 21 Oct. 22 Oct. 23 Oct. 24 Oct. 25 Oct. 28 Oct. 28 Oct. 29 Oct. 30 Oct. Ganda Angel invested P500,000 to put up the merchandising business Pretty Purchased office tables and chairs from TIBAY Furniture at P36,650, Cash Angel. basis. Paid taxes and license renewals to the city government, P8,500.75 Purchased computers from the Office Hardware at P35,800 with terms: n/EOM Paid three months rent in advance to the Leasing Corp. at P18,600. Purchased goods from Ups and Downs at P32,750 with terms: 3/10, n/60 Cash purchases, P8,500 Paid insurance expense for six months, P7,500. Sold merchandise to Blue Corp., P54,750. Terms: 50% downpayment and the balance payable within 60 days. Paid freight on the above sales, P859.45. Received from Labrador Trading a 60-day, 6% note for merchandise sold at P12,500. Sold merchandise to Bago Trading, P75,000 with terms 2/10, n/60 Bago trading returned defective goods, P12,350. Borrowed money from Lucky Bank, P20,000 and paid advance interest in the amount of P1,200. Sold goods to Ram Trading at P85,650 with terms 2/10, n/60 Issued a 30-day note to Care Enterprise amounting to P10,000 for merchandise purchased. Bago Trading returned defective goods, P15,000. Paid the following expenses: Electric bill Telephone bill Rent Advertising Bago Trading made a partial payment of P25,000 Ram Trading returned defective goods, P6,000 Paid the note issued on 13 Oct. Bago Trading paid its account in full; refer to transactions on 9, 10,13, and 15 Oct. Tec Issued a 30-day note to Eusebio Enterprise for merchandise purchased at P15,250. Angel withdrew P20,000 for her personal use. Paid note issued on 18 Oct. Cash sales amounting to P48,500 Purchased from Sim Trading with list price of P35,000 (terms: 2/10,n/30 with trade discount of 5%) Paid freight on the above purchases, P4,200 Returned defective chairs to TIBAY furniture and received a refund of P4,250. Gave a cash refund for defective merchandise returned by customers, P5,000 Made partial payment to Sim Trading, P12,000 Returned defective goods to Sim Trading and received a credit memo for P6,500 Paid the following expenses: Salaries P3,500 3,000 6,300 7,450 Accounts Receivable Prepaid Rent Prepaid Insurance Furniture and Fixtures Office Equipment Accounts Payable Subscription and Publications Commission Office Supplies ACCOUNT TITLES TO BE USED: Cash Sales Discount Notes Receivable Notes Payable Loan Payable Ganda Angel, Capital Ganda Angel, Drawing Sales Returns and Allowances Sales P22,000 550 2,500 2,400 Purchases Freight-in Purchase Returns and Allowances Purchase Discount Salaries Expense Freight-out Advertising Expense Rent Expense Subscription and Publications Expense Commission Expense Office Supplies Expense Taxes and Licenses Expense Interest Income Interest Expense Utilities Expense
Transcribed Image Text:SY 2022-2023 The following are the transactions that transpired on October 2022: 1 Oct. 1 Oct. 1 Oct. 1 Oct. 2 Oct. 2 Oct. 3 Oct. 5 Oct. 6 Oct. 7 Oct. 8 Oct. 9 Oct. 10 Oct. 10 Oct. 11 Oct. 13 Oct. 13 Oct. 15 Oct. 15 Oct. 16 Oct. 17 Oct. 18 Oct. 18 Oct. 20 Oct. 21 Oct. 22 Oct. 23 Oct. 24 Oct. 25 Oct. 28 Oct. 28 Oct. 29 Oct. 30 Oct. Ganda Angel invested P500,000 to put up the merchandising business Pretty Purchased office tables and chairs from TIBAY Furniture at P36,650, Cash Angel. basis. Paid taxes and license renewals to the city government, P8,500.75 Purchased computers from the Office Hardware at P35,800 with terms: n/EOM Paid three months rent in advance to the Leasing Corp. at P18,600. Purchased goods from Ups and Downs at P32,750 with terms: 3/10, n/60 Cash purchases, P8,500 Paid insurance expense for six months, P7,500. Sold merchandise to Blue Corp., P54,750. Terms: 50% downpayment and the balance payable within 60 days. Paid freight on the above sales, P859.45. Received from Labrador Trading a 60-day, 6% note for merchandise sold at P12,500. Sold merchandise to Bago Trading, P75,000 with terms 2/10, n/60 Bago trading returned defective goods, P12,350. Borrowed money from Lucky Bank, P20,000 and paid advance interest in the amount of P1,200. Sold goods to Ram Trading at P85,650 with terms 2/10, n/60 Issued a 30-day note to Care Enterprise amounting to P10,000 for merchandise purchased. Bago Trading returned defective goods, P15,000. Paid the following expenses: Electric bill Telephone bill Rent Advertising Bago Trading made a partial payment of P25,000 Ram Trading returned defective goods, P6,000 Paid the note issued on 13 Oct. Bago Trading paid its account in full; refer to transactions on 9, 10,13, and 15 Oct. Tec Issued a 30-day note to Eusebio Enterprise for merchandise purchased at P15,250. Angel withdrew P20,000 for her personal use. Paid note issued on 18 Oct. Cash sales amounting to P48,500 Purchased from Sim Trading with list price of P35,000 (terms: 2/10,n/30 with trade discount of 5%) Paid freight on the above purchases, P4,200 Returned defective chairs to TIBAY furniture and received a refund of P4,250. Gave a cash refund for defective merchandise returned by customers, P5,000 Made partial payment to Sim Trading, P12,000 Returned defective goods to Sim Trading and received a credit memo for P6,500 Paid the following expenses: Salaries P3,500 3,000 6,300 7,450 Accounts Receivable Prepaid Rent Prepaid Insurance Furniture and Fixtures Office Equipment Accounts Payable Subscription and Publications Commission Office Supplies ACCOUNT TITLES TO BE USED: Cash Sales Discount Notes Receivable Notes Payable Loan Payable Ganda Angel, Capital Ganda Angel, Drawing Sales Returns and Allowances Sales P22,000 550 2,500 2,400 Purchases Freight-in Purchase Returns and Allowances Purchase Discount Salaries Expense Freight-out Advertising Expense Rent Expense Subscription and Publications Expense Commission Expense Office Supplies Expense Taxes and Licenses Expense Interest Income Interest Expense Utilities Expense
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