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Serenity Villa opened SV Merchandising Store. The following transactions occurred during the month of July 2018: 1- Jul Villa invested P128,000 in the business. 2 Acquired Computer Set for P21,000. Villa paid 5,000 and issued a promissory note for the remaining balance. 2 Acquired supplies for cash, 3 Purchase P81,900 of merchandise from LOWKEY company on account. Terms: FOB Destination, 2/10, n/30. 5 Sold merchandise to THORE for P48,600 on account. Terms: FOB Destination, 2/10,n/30. The cost of merchandise sold was P28,880. Paid P550 freight on the same day. 7 Received collections from customers billed on sales of P48,600 on July 5. 9 Returned merchandise purchased from LOWKEY Company, P380. 11 Paid the amount due from July 3transaction. 13 Purchase merchandise P12,300 and additional supplies P450 for cash. 15 Paid 15th month salary, P8,000. 16 Received refund for poor quality of merchandise from a supplier on cash purchase made on July 13, P870. 18 Sold merchandise to various customers, P24,300. The cost of merchandise is P16,500. 19 Purchase 15,800 of merchandise from Eleonor Shop. FOB Shipping point, terms, 2/10,n/30. 23 Receive sales returns, P3,800 from various customers. It's cost is P2,900. 24 Borrowed money from Town Bank, signed promissory note for P13,500. 24 Paid freight on July 21 purchase, P580. 26 Sold merchandise on account for P36,800 terms, 2/10, n/30 FOB Destination. The merchandise sold had a cost of P21,300. 28 Serenity Villa withdrew cash from the business, P9,000. 30 Paid Eleonor Shop in full. 31 Paid Salary to employees, P8,000. 31 Paid News Hub for 1-month advertisement of the store, P1,580. 31 Paid Rent and Utilities expenses for the month, P2,800 and P700 respectively.

Serenity Villa opened SV Merchandising Store. The following transactions occurred during the month of July 2018: 1- Jul Villa invested P128,000 in the business. 2 Acquired Computer Set for P21,000. Villa paid 5,000 and issued a promissory note for the remaining balance. 2 Acquired supplies for cash, 3 Purchase P81,900 of merchandise from LOWKEY company on account. Terms: FOB Destination, 2/10, n/30. 5 Sold merchandise to THORE for P48,600 on account. Terms: FOB Destination, 2/10,n/30. The cost of merchandise sold was P28,880. Paid P550 freight on the same day. 7 Received collections from customers billed on sales of P48,600 on July 5. 9 Returned merchandise purchased from LOWKEY Company, P380. 11 Paid the amount due from July 3transaction. 13 Purchase merchandise P12,300 and additional supplies P450 for cash. 15 Paid 15th month salary, P8,000. 16 Received refund for poor quality of merchandise from a supplier on cash purchase made on July 13, P870. 18 Sold merchandise to various customers, P24,300. The cost of merchandise is P16,500. 19 Purchase 15,800 of merchandise from Eleonor Shop. FOB Shipping point, terms, 2/10,n/30. 23 Receive sales returns, P3,800 from various customers. It's cost is P2,900. 24 Borrowed money from Town Bank, signed promissory note for P13,500. 24 Paid freight on July 21 purchase, P580. 26 Sold merchandise on account for P36,800 terms, 2/10, n/30 FOB Destination. The merchandise sold had a cost of P21,300. 28 Serenity Villa withdrew cash from the business, P9,000. 30 Paid Eleonor Shop in full. 31 Paid Salary to employees, P8,000. 31 Paid News Hub for 1-month advertisement of the store, P1,580. 31 Paid Rent and Utilities expenses for the month, P2,800 and P700 respectively.

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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Serenity Villa opened SV Merchandising Store. The following transactions occurred during the month of July 2018: 1- Jul Villa invested P128,000 in the business. 2 Acquired Computer Set for P21,000. Villa paid 5,000 and issued a promissory note for the remaining balance. 2 Acquired supplies for cash 3 Purchase P81,900 of merchandise from LOWKEY company on account. Terms: FOB Destination, 2/10, n/30. 5 Sold merchandise to THORE for P48,600 on account. Terms: FOB Destination, 2/10,n/30. The cost of merchandise sold was P28,880. Paid P550 freight on the same day. 7 Received collections from customers billed on sales of P48,600 on July 5. 9 Returned merchandise purchased from LOWKEY Company, P380. Paid the amount due from July 3transaction. 11 13 Purchase merchandise P12,300 and additional supplies P450 for cash. 15 Paid 15th month salary, P8,000. 16 Received refund for poor quality of merchandise from a supplier on cash purchase made on July 13, P870. 18 Sold merchandise to various customers, P24,300. The cost of merchandise is P16,500. 19 Purchase 15,800 of merchandise from Eleonor Shop. FOB Shipping point, terms, 2/10,n/30. 23 Receive sales returns, P3,800 from various customers. It's cost is P2,900. 24 Borrowed money from Town Bank, signed promissory note for P13,500. 24 Paid freight on July 21 purchase, P580. 26 Sold merchandise on account for P36,800 terms, 2/10, n/30 FOB Destination. The merchandise sold had a cost of P21,300. 28 Serenity Villa withdrew cash from the business, P9,000. 30 Paid Eleonor Shop in full. 31 Paid Salary to employees, P8,000. 31 Paid News Hub for 1-month advertisement of the store, P1,580. 31 Paid Rent and Utilities expenses for the month, P2,800 and P700 respectively.
Transcribed Image Text:Serenity Villa opened SV Merchandising Store. The following transactions occurred during the month of July 2018: 1- Jul Villa invested P128,000 in the business. 2 Acquired Computer Set for P21,000. Villa paid 5,000 and issued a promissory note for the remaining balance. 2 Acquired supplies for cash 3 Purchase P81,900 of merchandise from LOWKEY company on account. Terms: FOB Destination, 2/10, n/30. 5 Sold merchandise to THORE for P48,600 on account. Terms: FOB Destination, 2/10,n/30. The cost of merchandise sold was P28,880. Paid P550 freight on the same day. 7 Received collections from customers billed on sales of P48,600 on July 5. 9 Returned merchandise purchased from LOWKEY Company, P380. Paid the amount due from July 3transaction. 11 13 Purchase merchandise P12,300 and additional supplies P450 for cash. 15 Paid 15th month salary, P8,000. 16 Received refund for poor quality of merchandise from a supplier on cash purchase made on July 13, P870. 18 Sold merchandise to various customers, P24,300. The cost of merchandise is P16,500. 19 Purchase 15,800 of merchandise from Eleonor Shop. FOB Shipping point, terms, 2/10,n/30. 23 Receive sales returns, P3,800 from various customers. It's cost is P2,900. 24 Borrowed money from Town Bank, signed promissory note for P13,500. 24 Paid freight on July 21 purchase, P580. 26 Sold merchandise on account for P36,800 terms, 2/10, n/30 FOB Destination. The merchandise sold had a cost of P21,300. 28 Serenity Villa withdrew cash from the business, P9,000. 30 Paid Eleonor Shop in full. 31 Paid Salary to employees, P8,000. 31 Paid News Hub for 1-month advertisement of the store, P1,580. 31 Paid Rent and Utilities expenses for the month, P2,800 and P700 respectively.
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