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The account of NOQUIT COMPANY as at December 1, 2018 are listed below: Cash 214,000 Accounts receivable Merchandise Inventory 338,000 426,000 500,000 31,000 Short-Term Investment Office supplies Prepaid insurance Land 48,000 370,000 900,000 Building Accum. depreciation- bldg Equipment Accum. depreciation - equip. Accounts payable Mortgage payable NOQUIT Capital 250,000 800,000 200,000 172,000 1,200,000 1,805,000 3,627,000 3,627,000 The following transactions occurred during the month of December 2018: Dec. Settled the accounts payable of P115,000 less 2% discount. Collected the accounts receivable of P180,000 less 3% discount. Sold merchandise on account to PAPACOY SUPPLIES, P210,000. Terms: FOB destination, 3/10, n/30. PAPACOY SUPPLIES paid the freight for P3,000. Received returns from PAPACOY SUPPLIES, P25,000. Purchased merchandise from OSTIQUE PRODUCTS, P232,000. Terms: FOB shipping point, 2/10, n/30. NOQUIT COMPANY paid P2,000 for the transportation cost. Returned goods to OSTIQUE PRODUCTS, P12,000 acquired on December 7. Paid interest on mortgage payable, P8,000. Received payment from PAPACOY SUPPLIES for the amount due. Sold merchandise to OANI SHOPPERS, P330,000. Terms: FOB shipping point, 3/10, n/30. Received payment from OANI SHOPPERS from the December 12 sales. Sold merchandise to NAVALES SHOP, P242,000. Term: FOB shipping point, 3/10, n/30. NOQUIT COMPANY paid P5,000 for the freight. Paid P9,000 for representation expense. Received from NAVALES SHOP returned merchandise in the amount of P18,000 from the 3 4 5 7 9 10 11 12 18 19 20 29 December 19 sales. The owner, Genevieve, withdraw merchandise for personal use. Cost - P20,000; Selling price - P30,000. 30

The account of NOQUIT COMPANY as at December 1, 2018 are listed below: Cash 214,000 Accounts receivable Merchandise Inventory 338,000 426,000 500,000 31,000 Short-Term Investment Office supplies Prepaid insurance Land 48,000 370,000 900,000 Building Accum. depreciation- bldg Equipment Accum. depreciation - equip. Accounts payable Mortgage payable NOQUIT Capital 250,000 800,000 200,000 172,000 1,200,000 1,805,000 3,627,000 3,627,000 The following transactions occurred during the month of December 2018: Dec. Settled the accounts payable of P115,000 less 2% discount. Collected the accounts receivable of P180,000 less 3% discount. Sold merchandise on account to PAPACOY SUPPLIES, P210,000. Terms: FOB destination, 3/10, n/30. PAPACOY SUPPLIES paid the freight for P3,000. Received returns from PAPACOY SUPPLIES, P25,000. Purchased merchandise from OSTIQUE PRODUCTS, P232,000. Terms: FOB shipping point, 2/10, n/30. NOQUIT COMPANY paid P2,000 for the transportation cost. Returned goods to OSTIQUE PRODUCTS, P12,000 acquired on December 7. Paid interest on mortgage payable, P8,000. Received payment from PAPACOY SUPPLIES for the amount due. Sold merchandise to OANI SHOPPERS, P330,000. Terms: FOB shipping point, 3/10, n/30. Received payment from OANI SHOPPERS from the December 12 sales. Sold merchandise to NAVALES SHOP, P242,000. Term: FOB shipping point, 3/10, n/30. NOQUIT COMPANY paid P5,000 for the freight. Paid P9,000 for representation expense. Received from NAVALES SHOP returned merchandise in the amount of P18,000 from the 3 4 5 7 9 10 11 12 18 19 20 29 December 19 sales. The owner, Genevieve, withdraw merchandise for personal use. Cost - P20,000; Selling price - P30,000. 30

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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Additional information Salaries in the amount of P73,000 have accrued on December 31. Insurance coverage with premium of P2,000 has expired at month-end. Depreciation on the building and on the equipment for the month amounted to P3,000 and P4,500, respectively. Office supplies on hand at month-end amounted to P7,000. There's an accrued interest ofP 2,800. Short-term investment earned an unrecorded investment income amounting P 15,000. A count of the inventory amounted to P453,000 on December 31, 2018. 1. 2. 3. 4. 5. 6. 7. REQUIRED 1. Post the Beginning Balances to the ledger (use T-account) 2. Journalize the transactions during December 2018. (Use periodic inventory system) 3. Post the journal to the T-account.
Transcribed Image Text:Additional information Salaries in the amount of P73,000 have accrued on December 31. Insurance coverage with premium of P2,000 has expired at month-end. Depreciation on the building and on the equipment for the month amounted to P3,000 and P4,500, respectively. Office supplies on hand at month-end amounted to P7,000. There's an accrued interest ofP 2,800. Short-term investment earned an unrecorded investment income amounting P 15,000. A count of the inventory amounted to P453,000 on December 31, 2018. 1. 2. 3. 4. 5. 6. 7. REQUIRED 1. Post the Beginning Balances to the ledger (use T-account) 2. Journalize the transactions during December 2018. (Use periodic inventory system) 3. Post the journal to the T-account.
The account of NOQUIT COMPANY as at December 1, 2018 are listed below: Cash 214,000 Accounts receivable 338,000 Merchandise Inventory 426,000 500,000 Short-Term Investment Office supplies Prepaid insurance Land 31,000 48,000 370,000 Building Accum. depreciation- bldg Equipment Accum. depreciation - equip. Accounts payable Mortgage payable NOQUIT Capital 900,000 250,000 800,000 200,000 172,000 1,200,000 1,805,000 3,627,000 3,627,000 The following transactions occurred during the month of December 2018: Dec. Settled the accounts payable of P115,000 less 2% discount. 3 Collected the accounts receivable of P180,000 less 3% discount. Sold merchandise on account to PAPACOY SUPPLIES, P210,000. Terms: FOB destination, 3/10, n/30. PAPACOY SUPPLIES paid the freight for P3,000. Received returns from PAPACOY SUPPLIES, P25,000. Purchased merchandise from OSTIQUE PRODUCTS, P232,000. Terms: FOB shipping point, 2/10, n/30. NOQUIT COMPANY paid P2,000 for the transportation cost. Returned goods to OSTIQUE PRODUCTS, P12,000 acquired on December 7. Paid interest on mortgage payable, P8,000. Received payment from PAPACOY SUPPLIES for the amount due. Sold merchandise to OANI SHOPPERS, P330,000. Terms: FOB shipping point, 3/10, n/30. Received payment from OANI SHOPPERS from the December 12 sales. Sold merchandise to NAVALES SHOP, P242,000. NOQUIT COMPANY paid P5,000 for the freight. Paid P9,000 for representation expense. Received from NAVALES SHOP returned merchandise in the amount of P18,000 from the 4 7 9. 10 11 12 18 19 Term: FOB shipping point, 3/10, n/30. 20 29 December 19 sales. The owner, Genevieve, withdraw merchandise for personal use. Cost P20,000; Selling price - P30,000. 30
Transcribed Image Text:The account of NOQUIT COMPANY as at December 1, 2018 are listed below: Cash 214,000 Accounts receivable 338,000 Merchandise Inventory 426,000 500,000 Short-Term Investment Office supplies Prepaid insurance Land 31,000 48,000 370,000 Building Accum. depreciation- bldg Equipment Accum. depreciation - equip. Accounts payable Mortgage payable NOQUIT Capital 900,000 250,000 800,000 200,000 172,000 1,200,000 1,805,000 3,627,000 3,627,000 The following transactions occurred during the month of December 2018: Dec. Settled the accounts payable of P115,000 less 2% discount. 3 Collected the accounts receivable of P180,000 less 3% discount. Sold merchandise on account to PAPACOY SUPPLIES, P210,000. Terms: FOB destination, 3/10, n/30. PAPACOY SUPPLIES paid the freight for P3,000. Received returns from PAPACOY SUPPLIES, P25,000. Purchased merchandise from OSTIQUE PRODUCTS, P232,000. Terms: FOB shipping point, 2/10, n/30. NOQUIT COMPANY paid P2,000 for the transportation cost. Returned goods to OSTIQUE PRODUCTS, P12,000 acquired on December 7. Paid interest on mortgage payable, P8,000. Received payment from PAPACOY SUPPLIES for the amount due. Sold merchandise to OANI SHOPPERS, P330,000. Terms: FOB shipping point, 3/10, n/30. Received payment from OANI SHOPPERS from the December 12 sales. Sold merchandise to NAVALES SHOP, P242,000. NOQUIT COMPANY paid P5,000 for the freight. Paid P9,000 for representation expense. Received from NAVALES SHOP returned merchandise in the amount of P18,000 from the 4 7 9. 10 11 12 18 19 Term: FOB shipping point, 3/10, n/30. 20 29 December 19 sales. The owner, Genevieve, withdraw merchandise for personal use. Cost P20,000; Selling price - P30,000. 30
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