Journalize the transactions using the following accounts:Cash (110); Accounts Receivable (120); Supplies (130); Prepaid Advertising (140); MerchandiseInventory (150); Office Equipment (160); Accounts Payable (210): Notes Payable (220); Manalo,Capital (310); Manalo, Withdrawals (320), Sales (410); Sales Returns & Allowances (420); SalesDiscount (430); Purchases (510); Purchase Returns & Allowances (520); Purchase Discount (530);Freight-in (540); Freight-out (610); Salaries Expense (620); Rent Expense (630) Telephone Expense(640); and Miscellaneous Expense (650). Mr. Manalo opened a mini grocery store with Business name Manalo Trading. Operations began onApril 1, 2021, and the following transactions were completed during the month:1 Mr. Manalo withdrew P100,000 from a personal savings account and used it to open a newaccount in the name of Manalo Trading.2 Acquired an office equipment costing P76,000. A payment of P25,000 cash was made and a notepayable given for the P51,000 remainder payable for 6 equal monthly installment.4 Purchased merchandise from Spendmore Hypermart P49,500, terms 5/10, 3/20, n/30.5 Paid P1,600 delivery charge for April transactions.7 Bought office supplies on account P10,700.8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000.10 Returned defective merchandise to Spendmore Hypermart amounting to P4,500.12 Sold merchandise on account P42,000 with 40% mark-up from the inventory cost of P30,000,term 2/10, n/30.13 Paid P1,200 freight for April 12 transactions.15 Paid salaries, P5,600.16 Received returned merchandise from customer sold on April 12. Credited their accounts forP3,500.17. Signed a promissory note for P30,000 loañed amount from NorthSouth Bank.19 Paid P5,700 of the amount owed from the transaction of April 7.20 Purchased additional inventory from Lozada Hypermart amounting to P44,000.21 Collected full settlement of a customer from April 12 transactions.22 Paid telephone expense, P1,600.24 Settled accounts to Spendmore Hypermart.25 Paid building rentals for the month, P4,800.27 P41,750 cost of merchandise sold for P58,450.28 Withdrew P20,000 from the business.29 Paid miscellaneous expenses, P3,430.30 Paid the first installment of the note payable on the office equipment, P8,500.31 Paid Salaries P5,100The Merchandise Inventory at the end of the of the month is P20,000.

1. Purchase Discount terms for Spend more : 5/10, 3/20, n/30 refers to Spend more has given credit…

Answered: Journalize the transactions using the…

Business

Accounting

Journalize the transactions using the following accounts:

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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