PROVIDE THE CHART OF ACCOUNT Perpetual MethodNovember 12 - Bought merchandise on account from DOWNTOWN supply 15,900 terms2/10,n/30.-Bought supplies on cash basis 700.00-Bought Computer equipment for 10,000 cash.-Sold merchandise on account 15,200, FOB Destination, terms 2/10, n/30. The costof merchandise sold was 12,200.00.- Paid 200 for freight on November 4 sales.-Received credit from DOWNTOWN supply for merchandise returned 300.003561314-The business, Miraflor Proprietorship, was registered as a single proprietorshipwith the Department Trade and Industry. Miraflor invested P39,000.00.151617182023262728293030- Paid DOWNTOWN supply.- Collected from November 4 customers.- Bought merchandise on cash basis for 14,400.- Salaries paid 1,500.00-Borrowed money from LandBank, signed promisory note 12,000.-Received refund from supplier on cash purchase of November 14, P 500.00.- Bought merchandise from MAZDA, 14,200, FOB shipping point terms, 2/10, n/30.- Paid freight on Novemebr 18 purchase, P 700.00- Sold Merchandise for P 16,400. The merchandise sold had a cost of 10,500-Bought merchandise for cash P 12,300.- Paid MAZDA on November 18, P 9,000.00. No discount allowed on partial payment.Miraflor got cash from the business worth P 2,008.00.Made refund to cash customers for defective merchandise P 900.00- Sold merchandise on account, P 13,700.00, n/10, n/30. Cost of merchandise soldP 11,000.00- Paid the following:SalariesAdvertisingUtilitiesRentP 1,500P 1,000P 400P 3,500

Name: PROVIDE THE CHART OF ACCOUNT Perpetual MethodNovember 12 - Bought merc
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: PROVIDE THE CHART OF ACCOUNT Perpetual MethodNovember 12 - Bought merchandise on account from DOWNTOWN supply 15,900 terms2/10,n/30.-Bought supplies on cash basis 700.00-Bought Computer equipment for 10,000 cash.-Sold merchandise on account 15,200, F

COA stands for chart of accounts (COA) which is tool of accounts or finance that index of each and…

Business

Accounting

November -The business, Miraflor Proprietorship, was registered as a single propr with the Department Trade and Industry. Miraflor invested P39,000.00 2 - Bought merchandise on account from DOWNTOWN supply 15,900 term 2/10,n/30. Bought supplies on cash basis 700.00 Bought Computer equipment for 10.000 cash.

November -The business, Miraflor Proprietorship, was registered as a single propr with the Department Trade and Industry. Miraflor invested P39,000.00 2 - Bought merchandise on account from DOWNTOWN supply 15,900 term 2/10,n/30. Bought supplies on cash basis 700.00 Bought Computer equipment for 10.000 cash.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: The general ledger or subsidiary ledger should be indicated for each account

A: This question deals with the general ledger or subsidiary ledger should be indicated for each…

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: What exactly is an account?

A: Account is the term used in Accountancy . It's used to keep record of all financial activities of a…

Q: What is the purpose of the chart of accounts? Explain the numbering typically associated with the…

A: Purpose of chart of accounts: The purpose of chart of accounts is to identify the particular account…

Q: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: Define Accounts payable.

A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…

Q: Describe the relationship between debit balances and credit balances when it comes to “t graphs”?

A: T-graph or T-accounts: T-account is the form of the ledger account, where the journal entries are…

Q: Define Balance Sheet Accounts.

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: How a General Ledger Works With Double-Entry Accounting

A: The Double Entry Accounting basically consists of a cycle that starts with recording and ends till…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: What is meant by Accounts 2

A: A record of cash got and cash paid out. 2 : a course of action with a bank to hold cash and track…

Q: WHAT IS AN ACCOUNT TITLE?

A: An account title is a descriptive name or label given to an account to help identify and classify it…

Q: How many account management in accounts

A: The accounting process includes the bookkeeping process which involves the journal entry of the…

Q: List the DPSystems accounting system's account number and category charts

A: The DP accounting system account numbers and primary categories are listed as follows: A list of…

Q: Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recoded are posted. All the transactions in a ledger are…

Q: What columns are included in a typical ledger format?

A: Ledger indicates the posting of entries from the journals in their respective categorized accounts…

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: What is the chart of the account? Explain?

A: A chart of accounts is a listing of the names of the accounts that a company has identified and made…

Q: How to write a ledger

A: An accounting ledger is a bookkeeping account or record that keeps track of activities on the…

Q: Discuss the relationship between the balance in the accounts payable general ledger control account…

A: Definition: General ledger: General ledger is a record of all accounts of assets, liabilities, and…

Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales. General ledger…

Q: What are the main classification/types of accounts?

A: Accounting is the scientific recording of financial transactions with a view to compute the…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

PROVIDE THE CHART OF ACCOUNT

Perpetual Method
November 1
2 - Bought merchandise on account from DOWNTOWN supply 15,900 terms
2/10,n/30.
-Bought supplies on cash basis 700.00
-Bought Computer equipment for 10,000 cash.
-Sold merchandise on account 15,200, FOB Destination, terms 2/10, n/30. The cost
of merchandise sold was 12,200.00.
- Paid 200 for freight on November 4 sales.
-Received credit from DOWNTOWN supply for merchandise returned 300.00
3
5
6
13
14
-The business, Miraflor Proprietorship, was registered as a single proprietorship
with the Department Trade and Industry. Miraflor invested P39,000.00.
15
16
17
18
20
23
26
27
28
29
30
30
- Paid DOWNTOWN supply.
- Collected from November 4 customers.
- Bought merchandise on cash basis for 14,400.
- Salaries paid 1,500.00
-Borrowed money from LandBank, signed promisory note 12,000.
-Received refund from supplier on cash purchase of November 14, P 500.00.
- Bought merchandise from MAZDA, 14,200, FOB shipping point terms, 2/10, n/30.
- Paid freight on Novemebr 18 purchase, P 700.00
- Sold Merchandise for P 16,400. The merchandise sold had a cost of 10,500
-Bought merchandise for cash P 12,300.
- Paid MAZDA on November 18, P 9,000.00. No discount allowed on partial payment.
Miraflor got cash from the business worth P 2,008.00.
Made refund to cash customers for defective merchandise P 900.00
- Sold merchandise on account, P 13,700.00, n/10, n/30. Cost of merchandise sold
P 11,000.00
- Paid the following:
Salaries
Advertising
Utilities
Rent
P 1,500
P 1,000
P 400
P 3,500

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

please include the money used in each transactions

Solution

by Bartleby Expert

SEE SOLUTION

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.

Similar questions

Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
How to identify the debit and credit amount for the general ledger
Explain the relationship between the balance in the account payable general ledger control account and accounts payable subsidiary ledger.
List the general ledger accounts that are associated with Vendors.
How would accounts payable be reflected in an REA diagram? Why?
Define Permanent accounts
what does a general ledger do?