You opened a novelty store called "The Awesome Shop" January 1, 20x1. The following were the transactions during year: 1. Provided P100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpet inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales P20,000. 6. Sold goods on account for P300,000. The cost of sales P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30.000 accounts payvable
You opened a novelty store called "The Awesome Shop" January 1, 20x1. The following were the transactions during year: 1. Provided P100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpet inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales P20,000. 6. Sold goods on account for P300,000. The cost of sales P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30.000 accounts payvable
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 3AP
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