Rov 1- A. Cruz, owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and store equipment with fair market value of 18,600. Nov 2 - Sold 2,500 goods to Bonete Store,Terms : 2/10, n/20. Nov 3- Sold 6,000 worth of merchandise to Rufie Trading, terms: 2/10;1/20;n/30. Nov 4- Sold for cash 5,000 goods. Nov 5- Purchased 3,600 goods and paid freight for the merchandise, 100 pesos. Nov 6; Bonete store paid its account in full. Nov 7- Rufie store paid 2,000 in partial settlement of its account. Nov 8- Sold merchandise for 5,000 to Rading Mini Grocery, Terms : 1,000 down,2,000 60- day note, and the balance on account. Nov 9- Rufie paid another 1,000 in partial settlement of its account. Nov 10-Received 300 commission from ABC Store for selling its items. Nov 12- Rufie store paid the balance of its account. Nov 15 - Paid the half month's salary of the helper, 2,000. Required : Prepare the journal entries. Write your answers in your columnar notebook.

Rov 1- A. Cruz, owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and store equipment with fair market value of 18,600. Nov 2 - Sold 2,500 goods to Bonete Store,Terms : 2/10, n/20. Nov 3- Sold 6,000 worth of merchandise to Rufie Trading, terms: 2/10;1/20;n/30. Nov 4- Sold for cash 5,000 goods. Nov 5- Purchased 3,600 goods and paid freight for the merchandise, 100 pesos. Nov 6; Bonete store paid its account in full. Nov 7- Rufie store paid 2,000 in partial settlement of its account. Nov 8- Sold merchandise for 5,000 to Rading Mini Grocery, Terms : 1,000 down,2,000 60- day note, and the balance on account. Nov 9- Rufie paid another 1,000 in partial settlement of its account. Nov 10-Received 300 commission from ABC Store for selling its items. Nov 12- Rufie store paid the balance of its account. Nov 15 - Paid the half month's salary of the helper, 2,000. Required : Prepare the journal entries. Write your answers in your columnar notebook.

Name: nY Below are the transactions of Binggit Trading.for the first half o
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Description: nY Below are the transactions of Binggit Trading.for the first half of November 2020.Rov 1- A. Cruz , owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and storeequipment with fair market value of 18,600.Nov 2 - Sold 2,500 goods to

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

nY Below are the transactions of Binggit Trading.for the first half of November 2020.
Rov 1- A. Cruz , owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and store
equipment with fair market value of 18,600.
Nov 2 - Sold 2,500 goods to Bonete Store,Terms : 2/10, n/20.
Nov 3- Sold 6,000 worth of merchandise to Rufie Trading, terms: 2/10;1/20;n/30.
Nov 4- Sold for cash 5,000 goods.
Nov 5- Purchased 3,600 goods and paid freight for the merchandise, 100 pesos.
Nov 6 Bonete store paid its account in full.
Nov 7- Rufie store paid 2,000 in partial settlement of its account.
Nov 8 - Sold merchandise for 5,000 to Rading Mini Grocery, Terms : 1,000 down,2,000 60- day note,
and the balance on account.
Nov 9- Rufie paid another 1,000 in partial settlement of its account.
Nov 10-Received 300 commission from ABC Store for selling its items.
Nov 12- Rufie store paid the balance of its account.
Nov 15 - Paid the half month's salary of the helper , 2,000.
Required : Prepare the journal entries. Write your answers in your columnar notebook.

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