Activity 1:Journalize the following transactions and then post them to the General Ledger.Below are the transactions of Juan Manuell Enterprises for the month of May 2018.Maу 3Mr. Manuell invested P500,000 cash.May 5Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20.May 6Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30.5963 / 164Мay 9Purchased office supplies from Galaxy Co. for cash, P3,000 through Check No.0031.May 11Gemini Enterprises settled its account in full. Issued OR#10241Purchased merchandise from Polaris Trading, P55,000. Terms: P25,000 downpayment, balance on account. Terms: 2/10, n/30. Check No. 0032.May 16Purchased merchandise from Aurora Borealis Systems, P201,600. Terms: 2/10,n/30.May 25May 26Sold to Virgo Enterprises P150,000 worth of merchandise. Terms: 2/10, n/30.Мay 30Purchases from Meteor Trading P80,000. Terms: 2/15, n/30.Procedures:1. Analyze the given transactions.2. Journalize each transaction in each specific special journal.3. Post the transactions in the General Ledger.Guide Questions:1. What is a General Ledger?2. What is the format of the General Ledger?3. How are the accounts in the general ledger arranged? Activity 2Utilizing the given problem from the previous activity, prepare a subsidiary ledger for theAccounts Receivable account.Procedures:1. Identify which from the given transactions affects the accounts receivable account.2. Prepare a subsidiary ledger for accounts receivable using the following format.603. Reconcile the balance of the account with the balance that appear in the General Ledger.Guide Questions:1. What is accounts receivable subsidiary ledger?2. Can you illustrate the format of a subsidiary ledger for accounts receivable?3. Which accounts have subsidiary ledgers aside from accounts receivable?Rubric for scoringProperly and correctly filled-out columns of the subsidiary ledger shall earn 2 points each.Incorrectly filled columns shall earn no point.Activity 364/164Utilizing the given problem from the previous activity, prepare a subsidiary ledger for theAccounts Payable account.Procedures:1. Identify which from the given transactions affects the accounts payable account.2. Prepare a subsidiary ledger for accounts payable using the following format.SUBSIDIARY LEDGERSSupplier:DateItemRefDebitCreditBalance3. Reconcile the balance of the account with the balance that appear in the General Ledger.Guide Questions:1. What is an accounts payable subsidiary ledger?2. Can you illustrate the format of an accounts payable subsidiary ledger?3. What do you think is the difference between the accounts receivable subsidiary ledger andaccounts payable subsidiary ledger?Rubric for scoringProperly and correctly filled-out columns of the subsidiary ledger shall earn 2 points each.Incorrectly filled columns shall earn no point61ClosureIn this activity, I learned that

Activity 1: Journalize the following transactions and then post them to the General Ledger. Below are the transactions of Juan Manuell Enterprises for the month of May 2018. May 3 Mr. Manuell invested P500,000 cash. May 5 Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20. May 6 Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30. 59

Activity 1: Journalize the following transactions and then post them to the General Ledger. Below are the transactions of Juan Manuell Enterprises for the month of May 2018. May 3 Mr. Manuell invested P500,000 cash. May 5 Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20. May 6 Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30. 59

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....

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Directions: Record the following transactions in the appropriate journals. Lloyd Gurango Co. completed the following sales transactions during the month of June 2021. A credit sales have terms of 3/10, n/30, and all invoices are dates as at the transaction date. June 1 4 7 9 13 ಈ 15 18 20 Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold P46 000 of merchandise for cash. Received payment from KRA Company, fewer discounts. Received payment from LRM Trading, fewer discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Collected the amount due from JPT Store. Fewer discounts. Paid the employees' wages for the month amounting to P5,000 Acquired merchandise to YMC Trading worth P15, 000 payable next month Acquired merchandise on credit from ABS Manufacturing worth P15, 000. The invoice number is 201 and the credit term is n/30
The following transactions relating to an enterprise. Prepare sales, purchases, returns outward day books. 2019 May 1 Credit sales: T Thompson OMR 56; L Rodriguez OMR 148; K Barton OMR 145. 3 Credit purchases: P Potter OMR 144; H Harris OMR 25; B Spencer OMR 76. 7 Credit sales: K Kelly OMR 89; N Mendes OMR 78; N Lee OMR 257. 9 Credit purchases: B Perkins OMR 24; H Harris OMR 58; H Miles OMR 123. 11 Goods returned by us to: P Potter OMR 12; B Spencer OMR 22. 14 Goods returned to us by: T Thompson OMR 5; K Barton OMR 11; K Kelly OMR 14. 17 Credit purchases: H Harris OMR 54; B Perkins OMR 65; L Nixon OMR 75. 20 Goods returned by us to B Spencer OMR 14. 24 Credit sales: K Mohammed OMR 57; K Kelly OMR 65; O Green OMR 112. 28 Goods returned to us by N Mendes OMR 24. 31 Credit sales: N Lee OMR 55.
Please help to answer below question: Q1: Prepare journal entries to record the following transactions entered into by the Castagno Company: 2022 Nov.1Sold merchandise on account to Mercer, Inc., for $18,000, terms 2/10, n/30. Nov.5Mercer, Inc., returned merchandise worth $1,000. Nov.9Received payment in full from Mercer, Inc. br,
You are to enter the following items in the books of K-Mart Limited. July 1 Balance brought forward from last month: Cash ¢2,095; Bank ¢8,240. July 1 Credit purchases from: K Hill ¢380; M Norman ¢500; N Senior ¢106. July 3 Credit sales to: E Rigby ¢510; E Phillips ¢246; F Thompson ¢356. July 5 Credit purchases from: R Morton ¢200; J Cook ¢180; D Edwards ¢410; C Davies ¢66. July 8 Credit sales to: A Green¢307; H George ¢250; J. Ferguson ¢185. July 10 Returns outwards to: M Norman ¢30; N Senior ¢16. July 12 Returns inwards from: E Phillips ¢18; F Thompson ¢22. July 14 Credit sales to: E Phillips ¢188; F Powell ¢310; E Lee ¢420. July 14 Credit purchases from: C Ferguson ¢550; K Envoy ¢900. July 16 Returns inwards from: E Phillips ¢27; E Rigby ¢30. July 17 Returns outwards to: J Cook ¢103; C Davies ¢101. July 20 Cash sales ¢3,100. July 24 Took ¢200 out of the cash till and paid it into the bank. July 26 F Bell paid us by cheque ¢194. July 30 We paid for postage stamps in cash ¢80.
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ook ne nces Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2024, it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases, Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents) Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2021, the company redeemed 12,400 points and sold additional product of $155,000, so it recorded $167,400 of revenue. The aggregate stand-alone selling price of the purchased products is $167,400. Eighty percent of sales were cash sales, and the remainder were credit sales Required: 1. & 2. Prepare Supply Club's journal entry to record…
You are to enter up the sales, purchases and the returns inwards and returns outwards journals/day books from the following details, then the total of the journals are then to be transferred to the relevant accounts in the general ledger. 2018 May “ “ “ “ “ “ “ “ “ “ “ 1 3 7 9 11 14 17 20 24 28 31 Credit sales: T Thompson £56; L Rodriquez £148; K Barton £145 Credit purchases: P Potter £144; H Harris £25; B Spencer £76 Credit sales: K Kelly £89; N Mendes £78; N Lee £257 Credit Purchases: B Perkins £24; H Harris £58; H Miles £123 Goods returned by us to: P Potter £12; B Spencer £22 Goods returned to us by: T Thompson £5; K Barton £11;K Kelly £14 Credit purchases: H Harris £54; B Perkins £65: L Nixon £75. Goods returned by us to B Spencer £14 Credit sales: K Mohammed £57; K Kelly £65; O Green £112 Goods returned to us by N Mendes £24 Credit sales: N Lee £55
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Lloyd Gurango Co. completed the following sales transactions during the month of June 2019. All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date. June 1 Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold merchandise on account to LRM Trading, P54 000. Invoice number 378. Sold P46 000 of merchandise for cash. Received payment from KRA Company, less discounts. Received payment from LRM Trading, less discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. 6. Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3 JPT Store returned P11 000 of merchandise from the June 13 sale. Sold merchandise to NOV Convenience Store on account, P17 000. Invoice months number 380. Collected amount due from JPT Store less returns and discounts. 16 Received P6 000 from NOV Convenience Store. Sold goods on account to LPR Co, P34 000. Invoice number 381 347935
Aviles Corporation engaged in the following transactions during June. DATE. TRANSACTIONS June 4, 20X1. Purchased merchandise on account from Eliassen Company; Invoice 100 for 1,145; terms n/30. June 15,20X1. Recorded purchases for cash, 1,630. June 30, 20X1. Paid amount due to Eliassen Company for the purchase on June 4. Required: Record these transactions in a general journal. View transaction list Journal entry worksheet < 1 2 Date June 04, 20X1 Note: Enter debits before credits. 3 Purchased merchandise on account from Eliassen Company; Invoice 100 for $1,145; terms n/30. Record entry Show Transcribed Text 3 General Journal Clear entry c Date. General Journal. Debit. Credit June 04, 20X1 Debit Credit View general journal Journal entry worksheet Purchased merchandise on account from Eliassen Company; Invoice 100 for 1,145; terms n/30
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