B. Journalize the following selected transactions of Maria Cruz Trading for the month of July. Non-Vat Registered Assume VAT Registered 1.Bought merchandise on account From Rene Cason Co.,P15,000. 2. Sold merchandise in cash to Mr. Neptalie Ylagan, P20,000. 3. Bought merchandise for cash from Jude Seares Enterprises, P60,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Letter B Merchandising Business

Gill 4G1lll 0.2K/s
10:22 AM
63%
+ [Template] AS...
o
B. Journalize the following selected transactions of Maria Cruz Trading for the
month of July.
Non-Vat Registered
Assume
VAT Registered
1.Bought merchandise on account
From Rene Cason Co.,P15,000.
2. Sold merchandise in cash to Mr.
Neptalie Ylagan, P20,000.
3. Bought merchandise for cash from
Jude Seares Enterprises, P60,000.
4. Sold merchandise on account to
Brigette Almario, P75,000.
5. Paid in full the account with
Rene Cason Co.
6. Collected in full the account of
Ms. Brigette Almario, P75,000.
- 2 -
7. Paid freight on purchases of
Merchandise, P 5,000.
8. Paid freight on sale of
Merchandise, P 5,000.
9. Bought merchandise for cash and
Received a 5% trade discount,
P 20,000.
10. Sold Merchandise for cash and
Gave a 2% trade discount,
Transcribed Image Text:Gill 4G1lll 0.2K/s 10:22 AM 63% + [Template] AS... o B. Journalize the following selected transactions of Maria Cruz Trading for the month of July. Non-Vat Registered Assume VAT Registered 1.Bought merchandise on account From Rene Cason Co.,P15,000. 2. Sold merchandise in cash to Mr. Neptalie Ylagan, P20,000. 3. Bought merchandise for cash from Jude Seares Enterprises, P60,000. 4. Sold merchandise on account to Brigette Almario, P75,000. 5. Paid in full the account with Rene Cason Co. 6. Collected in full the account of Ms. Brigette Almario, P75,000. - 2 - 7. Paid freight on purchases of Merchandise, P 5,000. 8. Paid freight on sale of Merchandise, P 5,000. 9. Bought merchandise for cash and Received a 5% trade discount, P 20,000. 10. Sold Merchandise for cash and Gave a 2% trade discount,
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Value Chain Analysis
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
  • SEE MORE 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