The following are credit purchase transactions of Geuel Enterprises for the month of July: Geuel Enterprises purchased merchandise on account from No Kia Shop exclusive of 12% VAT, P30,000; Terms: 1/10, n/30 July 2 4 Merchandise was purchased on account from Alco Tel Merchants, P20,000 exclusive of 12% VAT; Terms: 1/15, n/30 8 Purchases were made from Sun Sung Shop, P25,000 exclusive of 12% VAT; Terms: 3/10 n/30
The following are credit purchase transactions of Geuel Enterprises for the month of July: Geuel Enterprises purchased merchandise on account from No Kia Shop exclusive of 12% VAT, P30,000; Terms: 1/10, n/30 July 2 4 Merchandise was purchased on account from Alco Tel Merchants, P20,000 exclusive of 12% VAT; Terms: 1/15, n/30 8 Purchases were made from Sun Sung Shop, P25,000 exclusive of 12% VAT; Terms: 3/10 n/30
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Required:
• Journalize the Transactions
Transcribed Image Text:ILLUSTRATION
The following are additional transactions of Geuel Enterprises for the month of July:
20
July 18 Account with Sun Sung Shop was settled in full. Check No. 00025
Merchandise was purchased for cash, P78,400 inclusive on 12% VAT
Geuel Enterprises settled account with No Kia Shop in full. Check No.
00026
22
Bud Bernard withdrew P50,000 for personal use.
29
Transcribed Image Text:ILLUSTRATION
The following are credit purchase transactions of Geuel Enterprises for the month of July:
2 Geuel Enterprises purchased merchandise on account from No Kia Shop
exclusive of 12% VAT, P30,000; Terms: 1/10, n/30
July
4 Merchandise was purchased on account from Alco Tel Merchants, P20,000
exclusive of 12% VAT; Terms: 1/15, n/30
8
Purchases were made from Sun Sung Shop, P25,000 exclusive of 12% VAT;
Terms: 3/10, n/30
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education