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The following are selected transactions for KnK, Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30 FOB Shipping point, Freight prepaid: P2,240 Received a credit memorandum from Min Ho Trading for defective merchandise retumed, P3,360. Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30 Purchased a cash register from Jun Song for P23,520; terms: P6,720 doWapayment. balance in 2 equal monthly installments. Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him Bought additional store supplies on credit from Bo Goom, P4,200. Paid Min Ho Trading in full. Received shipment of merchandise from Sho Khang. P16,800, for which a 15-day, 12% note was given. Collected the account of Bee Hun in full. Sold merchandise to Min Park, P28,000, receiving 20% downpayment and a 20-day, 9% promissory note for the balance. Sold merchandise to Suk Lee; term: 10%trade discount on the list price of P30,000; n/30. Borrowed P50,000 from MayBank by discounting own 60-day, 12% note. Paid the note issued to Sho Khang Received notification from the bank that Seo Park settled and honored his promissory note. 03-Sep 03-Sep 04-Sep 06-Sep 09-Sep 10-Sep 11-Sep 13-Sep 15-Sep 16-Sep 20-Sep 25-Sep 29-Sep 30-Sep 30-Sep

The following are selected transactions for KnK, Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30 FOB Shipping point, Freight prepaid: P2,240 Received a credit memorandum from Min Ho Trading for defective merchandise retumed, P3,360. Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30 Purchased a cash register from Jun Song for P23,520; terms: P6,720 doWapayment. balance in 2 equal monthly installments. Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him Bought additional store supplies on credit from Bo Goom, P4,200. Paid Min Ho Trading in full. Received shipment of merchandise from Sho Khang. P16,800, for which a 15-day, 12% note was given. Collected the account of Bee Hun in full. Sold merchandise to Min Park, P28,000, receiving 20% downpayment and a 20-day, 9% promissory note for the balance. Sold merchandise to Suk Lee; term: 10%trade discount on the list price of P30,000; n/30. Borrowed P50,000 from MayBank by discounting own 60-day, 12% note. Paid the note issued to Sho Khang Received notification from the bank that Seo Park settled and honored his promissory note. 03-Sep 03-Sep 04-Sep 06-Sep 09-Sep 10-Sep 11-Sep 13-Sep 15-Sep 16-Sep 20-Sep 25-Sep 29-Sep 30-Sep 30-Sep

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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The following are selected transactions for KnK Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. 03-Sep Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30 FOB Shipping point, Freight prepaid: P2,240 Received a credit memorandum from Min Ho Trading for defective merchandise returned, P3,360. Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30 Purchased a cash register from Jun Song for P23,520; terms: P6,720 downpayment, balance in 2 equal monthly installments. Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him Bought additional store supplies on credit from Bo Goom, P4,200. Paid Min Ho Trading in full. Received shipment of merchandise from Sho Khang, P16,800, for which a 15-day, 12% note was given. Collected the account of Bee Hun in full. 03-Sep 04-Sep 06-Sep 09-Sep 10-Sep 11-Sep 13-Sep 15-Sep 16-Sep 20-Sep Sold merchandise to Min Park, P28,000, receiving 20% downpayment and a 20-day, 9% promissory note for the balance. 25-Sep Sold merchandise to Suk Lee; term: 10%trade discount on the list price of P30,000; n/30. Borrowed P50,000 from MayBank by discounting own 60-day, 12% note. Paid the note issued to Sho Khang. Received notification from the bank that Seo Park settled and honored his promissory note. 29-Sep 30-Sep 30-Sep
Transcribed Image Text:The following are selected transactions for KnK Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. 03-Sep Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30 FOB Shipping point, Freight prepaid: P2,240 Received a credit memorandum from Min Ho Trading for defective merchandise returned, P3,360. Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30 Purchased a cash register from Jun Song for P23,520; terms: P6,720 downpayment, balance in 2 equal monthly installments. Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him Bought additional store supplies on credit from Bo Goom, P4,200. Paid Min Ho Trading in full. Received shipment of merchandise from Sho Khang, P16,800, for which a 15-day, 12% note was given. Collected the account of Bee Hun in full. 03-Sep 04-Sep 06-Sep 09-Sep 10-Sep 11-Sep 13-Sep 15-Sep 16-Sep 20-Sep Sold merchandise to Min Park, P28,000, receiving 20% downpayment and a 20-day, 9% promissory note for the balance. 25-Sep Sold merchandise to Suk Lee; term: 10%trade discount on the list price of P30,000; n/30. Borrowed P50,000 from MayBank by discounting own 60-day, 12% note. Paid the note issued to Sho Khang. Received notification from the bank that Seo Park settled and honored his promissory note. 29-Sep 30-Sep 30-Sep
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