Using the following situations, prepare recording transactions and its general journal. BUSINESS TRANSACTION Dec. 01 - Yvone Iris Saledo opened her small poultry products business with the approved trade name of Fresh Poultry Store. The business is located at Jalipa Street, Pigcawayan, Cotabato. She made an initial investment of P350, 000 in the form of cash. Dec. 02 – She bought office furniture and fixtures from Hazel Company amounting to P40, 000 as evidenced by the delivery receipts and invoices; Made a down payment of P15, 000. Dec. 04 – She purchased various poultry products from Nicanor Poultry Farms amounting P90, 000, Paid P40, 000 and was issued a change invoice for the balance. Dec. 05 - She bought various office worth of P2, 500 and store supplies worth of P 3, 000 as evidenced by an official receipt from the seller

Using the following situations, prepare recording transactions and its general journal. BUSINESS TRANSACTION Dec. 01 - Yvone Iris Saledo opened her small poultry products business with the approved trade name of Fresh Poultry Store. The business is located at Jalipa Street, Pigcawayan, Cotabato. She made an initial investment of P350, 000 in the form of cash. Dec. 02 – She bought office furniture and fixtures from Hazel Company amounting to P40, 000 as evidenced by the delivery receipts and invoices; Made a down payment of P15, 000. Dec. 04 – She purchased various poultry products from Nicanor Poultry Farms amounting P90, 000, Paid P40, 000 and was issued a change invoice for the balance. Dec. 05 - She bought various office worth of P2, 500 and store supplies worth of P 3, 000 as evidenced by an official receipt from the seller

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section24.2: Recording Internet Sales

Problem 1WT

See similar textbooks

Similar questions

Joey Juno began a web-based computer sales and service company on June 1, 20X8, called Juno's Toys. Joey has made a few decisions regarding the accounting system; all prepayments and unearned revenues will be recorded as assets and liabilities and the company will use a periodic inventory system. Juno's Toys completed these transactions during November of the current year: Joey invested $12,000 cash along with $9,000 of used computer equipment into his new business. Purchased 8 months of insurance for $1,200 cash; the insurance is effective immediately. Hired a computer technician, named Barney to be paid every two weeks. $23,000 of merchandise was purchased from Eastman Store on account terms 1/10, n30. Freight was paid in amount of $200 for above purchase. Bought $400 of office supplies on account. Sold merchandise to John Smith that cost $3,300 for $3,800. Mr. Smith paid $500 cash and put the rest on account, with term 1/15, n30. Bought office furniture for $9,000. Paid $1,000 cash…
In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…
While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Purchase Date October 30, Year 1 October 30, Year 1 October 30, Year 1 October 30, Year 1 Basis $16,200 10,000 5,400 19,160 Year 1 Asseta Computers (5-year) office equipment (7-year) Furniture (7-year) Start-up costa In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow Information systems students preparing to graduate. The customer list cost $12,160, and the sale was completed on April 30. During their summer break, Dailin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation. In the summer, they purchased a small van (for transportation, not considered a luxury…
Investment Planning Activity1. Suppose that Rodel Rivera places an order to buy 100 shares of SM Investments Corp. (SM) from an online broker. Explain how the order will be processed.
Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system. All journal entries should be identified in the books of Mobile Word Solutions. Date Transactions 1st January 2020 Purchases 100 Galaxy mobiles at a cost of OMR 120 each from Akbar Mobiles (wholesale merchandise) The payment terms are 5/10, n/30. 3rd January 2020 Purchases 100 external hard disk at a cost of OMR 60 each Computer Supplies LLC (wholesale merchandise) The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on invoice price 5th January 2020 The business discovers that 25 of the Galaxy mobiles are wrong color and returns to Akbar mobiles for a full refund.. 10th January 2020 Full settlement was made by…
EVALUATION (100%) Make a video of yourself while answering /discussing in detail the following question. Upload this video clip to a designated folder in Google classroom: Lesson 6: On July 1, 2021, Emilia Clarke opened a small paint shop called "Emilia Clarke Paint Shop." The following were the transactions during the month: Date Transactions 1 3 Invested P100,000 cash in the business Obtained a P30, 000 loan from a bank. Purchased equipment for P20,000 cash. 5 7 10 Purchased goods for P20,000 cash. (Use perpetual inventory system) Sold goods for P10,000 cash. The cost of the goods sold was of P7,000. Withdrew cash P5,000 15 25 Paid utilities expense amounting to P3,000 Paid P5,000 salaries. 31 Requirements: a. Record the transactions in the journal. b. Post the transaction in the ledger. c. Prepare the unadjusted trial balance on July 31, 2021
Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries for 10 years. She then started her own business called Mobile World Solutions in Muscat. She is buying and selling mobile & software accessories in sultanate of Oman. The business uses periodic inventory system. All journal entries should be identified in the books of Mobile Word Solutions. Date Transactions 1st January 2020 Purchases 100 Galaxy mobiles at a cost of OMR 120 each from Akbar Mobiles (wholesale merchandise) The payment terms are 5/10, n/30. 3rd January 2020 Purchases 100 external hard disk at a cost of OMR 60 each Computer Supplies LLC (wholesale merchandise) The payment terms are 3/10, n/30. Trade discount was given by the supplier @ 5% on invoice price 5th January 2020 The business discovers that 25 of the Galaxy mobiles are wrong color and returns to Akbar mobiles for a full refund.. 10th January 2020 Full settlement was made by…
Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents informaccounting processes. She also needs some help reconciling NGS’s bank account.Required:1. For each source document shown below, prepare the appropriate journal entry or indicate thatno journal entry is required.a. Purchase order dated October 13 for massage chairs costing $765 and oil suppliescosting $240.
Every March, Buddie, who owns and operates a small retail shop, takes a large box of receipts and invoices to her accountant so the accountant can file Buddie's taxes in April. Only then does Buddie know if her business has been profitable. Buddie could benefit from a(n) ________.Select one:a. concurrent control systemb. management information system c. balanced scorecard systemd. inventory control system
Branch purchased computers and printers worth 110,000 for use of the branch and tobe booked in the Home Office. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.
activity instructions: 3. post the entries to the ledger. 4. foot the ledger. 5. prepare the trial balance. Jenny Toledo opened her small laundry shop with a legal trade name approved by the DTI as Modern Laundry Center. the business has been registered as non-VAT taxpayer. Jenny rented a space at Mercrdez Avenue, Sipalay City, Negros Occidental. The rental fee is P3,000 per month. She made the following initial investment: Cash P20,000 Three units of washing machine 45,000 Five units of electric iron 4,500 2 Bought detergents and other materials needed for washing of clothes, curtains, blankets, and related items from Goldymart as reflected in the cash invoice # 2144 amounting to Php 1,800. 5 Rendered various laundry services to walk-in customers and issued several official receipts amounting to P7,300. 7 Paid the rent for the month of August 2020; the OR No. 844 issued by the owner of the property showed P 3,000. 10 Issued Charge Invoice No. 0001 in the amount of P38,000 to Sealey's…
In this activity you are going to apply the learning that you get from the essential knowledge. Prepare the correct journal entries of the following transactions. CASE 1 Gordon Pharmacy a business engaged in buying and selling of medicines and other related products has the following transactions for the month of March 2020. The entity buys merchandise on credit with a terms of 3/10, n/45 and sell merchandise on credit terms of 1/5, n/30. But there are also cases where the entity buy and sell merchandise in cash. The company uses the periodic system of recording inventory. March 4- Purchased medicines and other related products to Amy Pharmaceutical Company on credit for P120,000. FOB Shipping point. Paid Allied Services for the freight amounting to P2,500. March 5- Sold merchandise (MDSE) to various customers for cash P 36,000. March 6- Returned defective MDSE to Amy amounting to P10,000. Received returned from customer on March 5 for wrong specification and refunded the amount paid…