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What is the journal entry for the following transaction A. Directions: Bean Company established by Mr. Bean himself begun business on September 1, 2016. Selected transaction for September related to its merchandising businesses are given below. Assuming you are the bookkeeper of bean Company record the forgoing transactions. September 1 Mr. Bean withdrew P1,000,000 from his personal savings account and deposited it under the account of Bean Company 2  Cash purchases of merchandise P100,000. FOB shipping point freight collect P1,200 2 Sold merchandise for P25,000 to bont trading, terms: 1/10, n/60. FOB shipping point freight prepaid, P660 3 Cash sales to Coco Company P7,000 FOB destination freight prepaid P550

What is the journal entry for the following transaction A. Directions: Bean Company established by Mr. Bean himself begun business on September 1, 2016. Selected transaction for September related to its merchandising businesses are given below. Assuming you are the bookkeeper of bean Company record the forgoing transactions. September 1 Mr. Bean withdrew P1,000,000 from his personal savings account and deposited it under the account of Bean Company 2  Cash purchases of merchandise P100,000. FOB shipping point freight collect P1,200 2 Sold merchandise for P25,000 to bont trading, terms: 1/10, n/60. FOB shipping point freight prepaid, P660 3 Cash sales to Coco Company P7,000 FOB destination freight prepaid P550

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...
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What is the journal entry for the following transaction A. Directions: Bean Company established by Mr. Bean himself begun business on September 1, 2016. Selected transaction for September related to its merchandising businesses are given below. Assuming you are the bookkeeper of bean Company record the forgoing transactions. September 1 Mr. Bean withdrew P1,000,000 from his personal savings account and deposited it under the account of Bean Company 2  Cash purchases of merchandise P100,000. FOB shipping point freight collect P1,200 2 Sold merchandise for P25,000 to bont trading, terms: 1/10, n/60. FOB shipping point freight prepaid, P660 3 Cash sales to Coco Company P7,000 FOB destination freight prepaid P550
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