The following were selected from among the transactions completed by Home Sentry Company during August, 2020. Aug 02 Purchased merchandise on account from Diane Co., list price P320,000. Term: 20%, 10%, 2/10, n/30. Aug 03 Sold merchandise for cash, P410,000. Aug 04 Sold merchandise on account to Wu Co., P680,000. Term: 2/10, n/30 Aug 05 Received returned merchandise from the August 03 cash sale, P50,000. Aug 06 Bought merchandise on account from Lambert Co., P540,000. Term: 3/5, 2/10, 1/15, n/30. Aug 07 Returned P30,000 of merchandise purchased from Diane Co. Aug 09 Sold merchandise on account to Howell Co., list price P750,000. Term: 10%, 10%, 5%, 3/5, 2/10, 1/15, n/30. Aug 10 Accepted returned merchandise from Howell Co., P50,000. Aug 12 Paid Diane Co. in full. Aug 14 Received cash on account from sale to Wu Co. Aug 18 Settled Lambert Co. in full. Aug 23 Received cash on account from sale to Howell Co. Aug 25 Purchased merchandise for cash, P220,000. Aug 28 Returned P20,000 of merchandise purchased on August 25. Requirements: 1. Journalize the transactions. 2. Calculate the net purchases and net sales for the period. (Present in good form.)

The following were selected from among the transactions completed by Home Sentry Company during August, 2020. Aug 02 Purchased merchandise on account from Diane Co., list price P320,000. Term: 20%, 10%, 2/10, n/30. Aug 03 Sold merchandise for cash, P410,000. Aug 04 Sold merchandise on account to Wu Co., P680,000. Term: 2/10, n/30 Aug 05 Received returned merchandise from the August 03 cash sale, P50,000. Aug 06 Bought merchandise on account from Lambert Co., P540,000. Term: 3/5, 2/10, 1/15, n/30. Aug 07 Returned P30,000 of merchandise purchased from Diane Co. Aug 09 Sold merchandise on account to Howell Co., list price P750,000. Term: 10%, 10%, 5%, 3/5, 2/10, 1/15, n/30. Aug 10 Accepted returned merchandise from Howell Co., P50,000. Aug 12 Paid Diane Co. in full. Aug 14 Received cash on account from sale to Wu Co. Aug 18 Settled Lambert Co. in full. Aug 23 Received cash on account from sale to Howell Co. Aug 25 Purchased merchandise for cash, P220,000. Aug 28 Returned P20,000 of merchandise purchased on August 25. Requirements: 1. Journalize the transactions. 2. Calculate the net purchases and net sales for the period. (Present in good form.)

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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1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.
Make a Journal Entry to each transactions below: Date June 2, 2020 Purchased 250 units of merchandise at P30 per unit and paid P7,500 in cash June 7, 2020 Sold merchandise for P1,000 June 10, 2020 Sold merchandise for P2,000 on account June 14, 2020 Paid rent in advance P5,000 as downpayment and the remaining balance of P5,000 to be paid at the end of the month. June 19, 2020 Received electricity bill amounting to P1,500. June 21, 2020 Sold goods amounting to P3,000 June 24, 2020 Sold goods on account for P5,000 June 27, 2020 Purchased supplies worth P500. June 29, 2020 Paid salary to employees of P1,000 June 30, 2020 Paid the remaining balance of P5,000 for rent.
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XYZ Company was established in Decemberof the current year. Its sales of merchandise on account, related returnsand allowances during the remainder of the month are described below. Dec.15 Sold merchandise on account to A Co., Rs 8500. 19 Sold merchandise on account to B Co., Rs 8000. 20 Sold merchandise on account to C Co., Rs 12,000. 22 Issued Credit memo for Rs 400 to B Co. for merchandise return. 24 Sold merchandise on account to B Co., Rs 16,500. 25 Sold additional merchandise on account to B. Co, Rs 9000. 26 Issued Credit memo for Rs 250 to A Co. for merchandise return. 27 Sold additional merchandise on account to C Co., Rs 16,000. Record the transactions for December in the sales journal and/ generaljournal
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Accounting Fulco Company engaged in the following transactions in March 2020 March Sold merchandise on credit to James William, terms n/30, FOB shipping point, $3,000 (cost, $1,800). 7 Purchased merchandise on credit from Leverage Company, terms n/30, FOB shipping point, $6,000. Paid Leverage Company for shipping charges on merchandise purchased on March 8, $254 9 Sold merchandise on credit to Deepak Soni, terms n/30, FOB shipping point, $2,400 (cost, $1,440). 14 Returned damaged merchandise received from Leverage Company on March 8 for credit, $600. 14 17 Received check from James William for his purchase of March 7. 21 Paid Leverage Company the balance from the transactions of March 8 and March 14. Accepted from Deepak Soni a return of merchandise, which was put back in inventory, $200 (cost, $120). 24 Prepare journal entries to record the transactions, assuming use of the perpetual inventory system.
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