Task 2: Journalizing using Periodic Inventory System Direction: 1. Prepare journal entries to record the above transactions, assuming Eric Merchandising company uses periodic inventory system. 2: Prepare necessary adjusting entries on September 2020. Eric Merchandising sells facsimile, copers and other types of office equipment. The transaction during the month: Date Transactions Sept 1 Purchased 5 units of copier on account from fevron Corporation at a cost of P8,000 per unit. Payment is due in 30 days. Borrowed from guusi Bank, P50,000 at 10% interest per annum due in 3 months. Eric issued a promissory note for this borrowing. Paid one-year insurance covering the period September 1,2020 – August 31, 2021 for P24,000 2 Purchased 10 units of facsimile machines on cash from achilles Corporation for a total price of P20,000 7 Sold 3 units of copiers to yosei Bay on account for a total amount of P45,000. The terms of the sale is 2/10,n/30. 10 Paid P5,600 for office supplies. 14 Collected from yosei Bay the full payment relating to September 7 sales. 15 Paid P10,000 salaries of office staff. 20 Sold on cash, 2 units of facsimile machines to merci for P5,000. 30 Purchased delivery truck worth P300,000 with estimated useful life of 10 years with no residual value. Eric paid P200,000 cash and balance payable 30 days after.
Task 2: Journalizing using Periodic Inventory System
Direction: 1. Prepare
2: Prepare necessary
Eric Merchandising sells facsimile, copers and other types of office equipment. The transaction during the month:
|
Date |
Transactions |
|
Sept 1 |
Purchased 5 units of copier on account from fevron Corporation at a cost of P8,000 per unit. Payment is due in 30 days. |
|
Borrowed from guusi Bank, P50,000 at 10% interest per annum due in 3 months. Eric issued a promissory note for this borrowing. |
|
|
Paid one-year insurance covering the period September 1,2020 – August 31, 2021 for P24,000 |
|
|
2 |
Purchased 10 units of facsimile machines on cash from achilles Corporation for a total price of P20,000 |
|
7 |
Sold 3 units of copiers to yosei Bay on account for a total amount of P45,000. The terms of the sale is 2/10,n/30. |
|
10 |
Paid P5,600 for office supplies. |
|
14 |
Collected from yosei Bay the full payment relating to September 7 sales. |
|
15 |
Paid P10,000 salaries of office staff. |
|
20 |
Sold on cash, 2 units of facsimile machines to merci for P5,000. |
|
30 |
Purchased delivery truck worth P300,000 with estimated useful life of 10 years with no residual value. Eric paid P200,000 cash and balance payable 30 days after. |
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