Activity 2: The transsactions for DEF Company for the month of April, 2021 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.) Date Transactions April 2 DEF sold and shipped merchandise worth P250,000 to AM Company terms 1/15, n/30. 4 AM Company reported P5,800 of merchandise damaged in shipment, and a credit memo was issued for this. 6 Purchased office supplies for P3,568 cash. 7 Sold P120,000 of merchandise to Lily Company, terms: 2/10, n/30. Purchased merchandise for P244,000 cash. 8 10 Cash sales for the first 15 days is P188,000. 12 Purchased merchandise worth P300,000, terms: 20% downpayment, balance 2/10, n/30. 14 Returned defective merchandise worth P30,000 purchased on April 12. 16 17 Received full payment from AM Company for sale of April 2. Received full payment from Lily Company. Paid commission of salesmen, P60,000. 22 22 Paid in full the purchase dated April 12. Cash sales for the last 15 days, P254,000. 31 Journalize the transactions in the books of DEF Company. Post the transactions. Prepare a trial balance dated April 30, 2021. Required: 1. 2. 3.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
Activity 2:
The transsactions for DEF Company for the month of April, 2021 are shown below. (Assume the company
is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.)
Date
Transactions
April 2
DEF sold and shipped merchandise worth P250,000 to AM Company
terms 1/15, n/30.
4
AM Company reported P5,800 of merchandise damaged in shipment,
and a credit memo was issued for this.
6
Purchased office supplies for P3,568 cash.
7
Sold P120,000 of merchandise to Lily Company, terms: 2/10, n/30.
Purchased merchandise for P244,000 cash.
8
10
Cash sales for the first 15 days is P188,000.
12
Purchased merchandise worth P300,000, terms: 20% downpayment,
balance 2/10, n/30.
14
Returned defective merchandise worth P30,000 purchased on April
12.
16
Received full payment from AM Company for sale of April 2.
Received full payment from Lily Company.
17
22
Paid commission of salesmen, P60,000.
22
Paid in full the purchase dated April 12.
Cash sales for the last 15 days, P254,000.
31
Journalize the transactions in the books of DEF Company.
Post the transactions.
Prepare a trial balance dated April 30, 2021.
Required:
1.
2.
3.
Transcribed Image Text:Activity 2: The transsactions for DEF Company for the month of April, 2021 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.) Date Transactions April 2 DEF sold and shipped merchandise worth P250,000 to AM Company terms 1/15, n/30. 4 AM Company reported P5,800 of merchandise damaged in shipment, and a credit memo was issued for this. 6 Purchased office supplies for P3,568 cash. 7 Sold P120,000 of merchandise to Lily Company, terms: 2/10, n/30. Purchased merchandise for P244,000 cash. 8 10 Cash sales for the first 15 days is P188,000. 12 Purchased merchandise worth P300,000, terms: 20% downpayment, balance 2/10, n/30. 14 Returned defective merchandise worth P30,000 purchased on April 12. 16 Received full payment from AM Company for sale of April 2. Received full payment from Lily Company. 17 22 Paid commission of salesmen, P60,000. 22 Paid in full the purchase dated April 12. Cash sales for the last 15 days, P254,000. 31 Journalize the transactions in the books of DEF Company. Post the transactions. Prepare a trial balance dated April 30, 2021. Required: 1. 2. 3.
Expert Solution
steps

Step by step

Solved in 2 steps with 3 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education