Answered: Requirement: Journalize the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Mr. Juan Lopez opened a mini grocery store with business ame lopez Freta Mart. Operations began on Apr 1, 20xX, and the following transactions were completed during the month: 1. The business was registered as single proprietorship with the Department of Trade and Industry, Juan Lope invested P39,000. 2 Bought computer equipment for P10,000 cash. 2 Bought merchandise on account from LOWTOWN Supply Co. P15,900, Term, 2/10, n/30. 3. Bought office supplies on cash basis for P700 4. Sold merchandize on account P15,200 FOB Destination, terms 2/10, n/30. 5. Paid P200 freight on April 4 sale. 6. Received credit memo LOWTOWN Supply Co. for merchandise return P300. 11 Paid LOWTOWN. 13.Collected from April 4 customers. 14 Bought merchandise on cash basis for P14,400. 15Salaries paid P1,500. 16.Borrowed money from RCBC Bank, signed a promissory note for p12,000. 17. Received refund from a supplier on cash purchase of April 14, P500 18. Bought merchandize from MESDA, P14,200 FOB Shipping, term, 2/10, n/30. 20 Paid freight on April 18 purchase p700. 23.Sold merchandise for P16.400. 26.Bought merchandise for cash P12.300. 27.Paid MESDA on April 18 purchase, p9,000. No discount allowed on partial payment. 27.Paid MESDA on April 18 purchase, 9,000. No discount allowed on partial payment. 28 J. Lopez get cash from the business, P2,008. 29. Made reftund to cash customer for defective merchandise, P900. 30 Sold merchandise on account, P13,700 2/30. 30Paid the following: Advertising P1 ,00, Utilities P400, Rent P3,500, Salaries P1,50030 Inventory April 30, P25,000 Requirement: Journalize the transactions using the following accounts: ASSETS: Cash (110); Accounts Recevable (120); Supples (130); Merchandise Inventory (140); Equipment (150: LIABIUTIES: Accounts Payable (210); Notes Payable (220): CAPITAL: Lopez, Capital (310); Lopez, Drawings (320), REVENUES: Sales (410): Sales Returns & Allowances (420); Sales Discount (430); COGS: Purchases (510); Purchase Returns & Allowances (520); Puchase Discount (530); Freight-in (40): EXPENSES: Freight-out (610): Salaries Expense (620): Advertising Expense (630) Utilities Expense (640); and Rent Expense (650).

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions