Using the chart of accounts below. Prepare a journal entries of Quarantino Covidap under periodic inventory system. each.AccountsNo.AccountsNo.101Cash413Sales Discounts112Accounts Receivable500Cost of Sales120Merchandise Inventory510Purchases512Purchase Returns and Allowances126SuppliesEquipmentAccounts PayableNotes PayableCovidap, CapitalCovidap, Drawing130513Purchase Discounts201516Freight-In202630SalariesAdvertisingRent ExpenseFreight-OutUtilities Expense301631635302401Sales644412Sales Returns and Allowances645Quarantino Covidap decided to established his own Coviduvidup Hardware Storeby investing cash of P150,000.He purchase on account merchandise worth P25,000, 2/10,n/30.Billed sales of P14,300, 2/10, n/30. Cost of merchandise, P7,150Paid the transportation of goods from the supplier, P220.Returned merchandise to supplier bought last April 1 worth P1,500.Paid transportation fee upon delivery of goods to a customer, P150.Paid the April 1 purchases.Received cash from sales of P6,300. Cost of merchandise, P3,150.Customer who paid in cash returned goods worth P220, costing P150.Sales on account worth P1,500. Cost of merchandise, P750.Conducted year end inventory count worth, P12,200August 159141924293031

Name: Using the chart of accounts below. Prepare a journal entries of Quaran
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Description: Using the chart of accounts below. Prepare a journal entries of Quarantino Covidap under periodic inventory system. each.AccountsNo.AccountsNo.101Cash413Sales Discounts112Accounts Receivable500Cost of Sales120Merchandise Inventory510Purchases512Purch

Periodic inventory system is that inventory system in which all transactions related to inventory…

Answered: Using the chart of accounts below.…

Business

Accounting

Using the chart of accounts below. Prepare a journal entries of Quarantino Covidap under periodic inventory system.

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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