s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for the month of March 2020. Transaction Perpetual Accounts Affected Cr. Dr. Date March. 1 Ms. Monel invested P 500,000 in cash in the business. Purchased goods worth P455,700 on account from Litt Company, terms 2/10, n/30. 4 Purchased P105,800 worth of goods from Harvey Corp on 7 account, with terms 3/15, 2/25. n/30. Sold goods to Robylita Management worth P550,400 in cash. The cost of the goods is P180,900. 10 The company returned P20,000 worth of goods to Litt 12 Company. 14 Robylita Management returned P165,120 worth of damage goods. Cost of the returned merchandise is P54,270. 18 Paid salaries of employees, P27,900. 18 Paid the advertisement worth P93,780 to a local paper. Sold goods to Cabales Inc. P690,800 on account. The cost of goods is P289,590, terms F.O.B destination (freight bill is P2,000). 19 21 Paid Harvey Corp in full. 24 Collected 30% of the account of Cabales Inc. 25 The owner withdraws P55, 890 for personal use. Purchased goods worth P190,800 in cash and sold it to a 27 customer for P450 700

s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for the month of March 2020. Transaction Perpetual Accounts Affected Cr. Dr. Date March. 1 Ms. Monel invested P 500,000 in cash in the business. Purchased goods worth P455,700 on account from Litt Company, terms 2/10, n/30. 4 Purchased P105,800 worth of goods from Harvey Corp on 7 account, with terms 3/15, 2/25. n/30. Sold goods to Robylita Management worth P550,400 in cash. The cost of the goods is P180,900. 10 The company returned P20,000 worth of goods to Litt 12 Company. 14 Robylita Management returned P165,120 worth of damage goods. Cost of the returned merchandise is P54,270. 18 Paid salaries of employees, P27,900. 18 Paid the advertisement worth P93,780 to a local paper. Sold goods to Cabales Inc. P690,800 on account. The cost of goods is P289,590, terms F.O.B destination (freight bill is P2,000). 19 21 Paid Harvey Corp in full. 24 Collected 30% of the account of Cabales Inc. 25 The owner withdraws P55, 890 for personal use. Purchased goods worth P190,800 in cash and sold it to a 27 customer for P450 700

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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