The following are transactions of Juan dela Cruz for August 2020. The company uses a periodic inventory system. (Assume the company is a non-Vat registered business). August 1 Juan dela Cruz invested the following assets in his business: P400,000 cash; P50,000 worth of desks and chairs and store equipment valued at P20,000. 2 Mr. dela Cruz bought a computer for his business worth P60,000 giving a P10,000 down payment and the balance payable at the end of the month. Purchased merchandise for cash, P12,000. 4 Purchased merchandise from SM, P18,000. Terms 2/10, n/30. Purchased office supplies on account, P3,000 Sold merchandise to Mr. Allan on account, P40,00, terms, 2/10, n/30, 6. FOB destination. Paid advertising for the month of P15,000. Purchased merchandise from XYZ Company, P20,000, terms 1/15, n/30, 7 8 Cash sales, P18,000. 10 Received credit for P2,000 from XYZ Company as an allowance for a slight defect on merchandise purchased. Sold merchandise to Ms. Ramilyn on account, P40,000, terms 2/10, 12 n/30, FOB Destination. Paid freight on sale made to Ms. Ramilyn P1,000. 13 14 Issued check to SM in full payment for the August 4 account. Sold merchandise to Mr. DJ P25,000, terms 2/10, n/30. 18 21 Collected the amount due from Mr. Alan for his August 6 account. Received payment from Ms. Ramilyn. Paid the amount due to XYZ Company. Paid the August 2, invoice. 22 23 31
The following are transactions of Juan dela Cruz for August 2020. The company uses a periodic inventory system. (Assume the company is a non-Vat registered business). August 1 Juan dela Cruz invested the following assets in his business: P400,000 cash; P50,000 worth of desks and chairs and store equipment valued at P20,000. 2 Mr. dela Cruz bought a computer for his business worth P60,000 giving a P10,000 down payment and the balance payable at the end of the month. Purchased merchandise for cash, P12,000. 4 Purchased merchandise from SM, P18,000. Terms 2/10, n/30. Purchased office supplies on account, P3,000 Sold merchandise to Mr. Allan on account, P40,00, terms, 2/10, n/30, 6. FOB destination. Paid advertising for the month of P15,000. Purchased merchandise from XYZ Company, P20,000, terms 1/15, n/30, 7 8 Cash sales, P18,000. 10 Received credit for P2,000 from XYZ Company as an allowance for a slight defect on merchandise purchased. Sold merchandise to Ms. Ramilyn on account, P40,000, terms 2/10, 12 n/30, FOB Destination. Paid freight on sale made to Ms. Ramilyn P1,000. 13 14 Issued check to SM in full payment for the August 4 account. Sold merchandise to Mr. DJ P25,000, terms 2/10, n/30. 18 21 Collected the amount due from Mr. Alan for his August 6 account. Received payment from Ms. Ramilyn. Paid the amount due to XYZ Company. Paid the August 2, invoice. 22 23 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Transaction Analysis
The following are transactions of Juan dela Cruz for August 2020. The company uses
a periodic inventory system. (Assume the company is a non-Vat registered business).
August
Juan dela Cruz invested the following assets in his business: P400,000
cash; P50,000 worth of desks and chairs and store equipment valued at
1
P20,000.
Mr. dela Cruz bought a computer for his business worth P60,000 giving a
P10,000 down payment and the balance payable at the end of the month.
Purchased merchandise for cash, P12,000.
4
Purchased merchandise from SM, P18,000. Terms 2/10, n/30.
Purchased office supplies on account, P3,000
Sold merchandise to Mr. Allan on account, P40,00, terms, 2/10, n/30,
5
6.
FOB destination.
Paid advertising for the month of P15,000.
Purchased merchandise from XYZ Company, P20,000, terms 1/15, n/30,
7
8
9.
Cash sales, P18,000.
10
Received credit for P2,000 from XYZ Company as an allowance for a
slight defect on merchandise purchased.
Sold merchandise to Ms. Ramilyn on account, P40,000, terms 2/10,
12
n/30, FOB Destination.
Paid freight on sale made to Ms. Ramilyn P1,000.
13
14
18
Issued check to SM in full payment for the August 4 account.
Sold merchandise to Mr. DJ P25,000, terms 2/10, n/30.
21
Collected the amount due from Mr. Alan for his August 6 account.
Received payment from Ms. Ramilyn.
Paid the amount due to XYZ Company.
22
23
31
Paid the August 2, invoice.
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