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Business Accounting

Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2 Mr. Lopez invested equipment for the business worth ₱30,000. 3 Bought supplies on account for ₱12,600. 4 Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5 Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8 Paid ₱1,200 delivery charge for December 5 purchase. 10 Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11 Paid ₱700 freight for December 10 transaction. 13 Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15 Paid salaries, ₱12,300 16 Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customers on December 10, ₱4,000. 18 Paid ₱7,600 of the amount owed from the December 3 transaction. 19 Purchase additional groceries from QR Supermarket amounting to ₱86,000. 20 Collected full settlement of customer from December 10 sale. 22 ₱21,450 cost of merchandise was sold for ₱38,750. 25 Settled account to JKL Enterprises. 26 Cash received, ₱10,000 and a promissory note for ₱25,000 for merchandise sold to a key customer. Cost of merchandise, ₱28,000. 27 Mr. Lopez withdrew ₱20,000 cash from the business. 29 Paid telephone expense, ₱2,300. 30 Paid building rentals for the month, ₱5,200. 30 Paid the first installment of the note payable on Service Vehicle. 31 Paid Salaries ₱11,300, net of the following deductions: SSS, ₱380; Pag-IBIG, ₱100; Philhealth, ₱220 The Merchandise Inventory at the end of the of the month is ₱48,000. Additional information for year-end adjustments. Ø The useful life of the equipment is 5 years with no salvage value. -The useful life of the service vehicle is 10 years with no salvage value. -Remaining unused supplies worth ₱9,100. Use asset method. Question: 1. Prepare General Ledger

Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2 Mr. Lopez invested equipment for the business worth ₱30,000. 3 Bought supplies on account for ₱12,600. 4 Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5 Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8 Paid ₱1,200 delivery charge for December 5 purchase. 10 Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11 Paid ₱700 freight for December 10 transaction. 13 Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15 Paid salaries, ₱12,300 16 Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customers on December 10, ₱4,000. 18 Paid ₱7,600 of the amount owed from the December 3 transaction. 19 Purchase additional groceries from QR Supermarket amounting to ₱86,000. 20 Collected full settlement of customer from December 10 sale. 22 ₱21,450 cost of merchandise was sold for ₱38,750. 25 Settled account to JKL Enterprises. 26 Cash received, ₱10,000 and a promissory note for ₱25,000 for merchandise sold to a key customer. Cost of merchandise, ₱28,000. 27 Mr. Lopez withdrew ₱20,000 cash from the business. 29 Paid telephone expense, ₱2,300. 30 Paid building rentals for the month, ₱5,200. 30 Paid the first installment of the note payable on Service Vehicle. 31 Paid Salaries ₱11,300, net of the following deductions: SSS, ₱380; Pag-IBIG, ₱100; Philhealth, ₱220 The Merchandise Inventory at the end of the of the month is ₱48,000. Additional information for year-end adjustments. Ø The useful life of the equipment is 5 years with no salvage value. -The useful life of the service vehicle is 10 years with no salvage value. -Remaining unused supplies worth ₱9,100. Use asset method. Question: 1. Prepare General Ledger

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Question

100%

Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2 Mr. Lopez invested equipment for the business worth ₱30,000. 3 Bought supplies on account for ₱12,600. 4 Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5 Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8 Paid ₱1,200 delivery charge for December 5 purchase. 10 Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11 Paid ₱700 freight for December 10 transaction. 13 Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15 Paid salaries, ₱12,300 16 Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customers on December 10, ₱4,000. 18 Paid ₱7,600 of the amount owed from the December 3 transaction. 19 Purchase additional groceries from QR Supermarket amounting to ₱86,000. 20 Collected full settlement of customer from December 10 sale. 22 ₱21,450 cost of merchandise was sold for ₱38,750. 25 Settled account to JKL Enterprises. 26 Cash received, ₱10,000 and a promissory note for ₱25,000 for merchandise sold to a key customer. Cost of merchandise, ₱28,000. 27 Mr. Lopez withdrew ₱20,000 cash from the business. 29 Paid telephone expense, ₱2,300. 30 Paid building rentals for the month, ₱5,200. 30 Paid the first installment of the note payable on Service Vehicle. 31 Paid Salaries ₱11,300, net of the following deductions: SSS, ₱380; Pag-IBIG, ₱100; Philhealth, ₱220 The Merchandise Inventory at the end of the of the month is ₱48,000. Additional information for year-end adjustments. Ø The useful life of the equipment is 5 years with no salvage value. -The useful life of the service vehicle is 10 years with no salvage value. -Remaining unused supplies worth ₱9,100. Use asset method. Question: 1. Prepare General Ledger

Resultant values:
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
A
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
TO
71
72
73
74
75
79
80
81
82
A
83
84
85
86
87
88
89
90
91
92
93
Date
2022
1-Dec Cash
2-Dec Equipment
Capital
Capital
(To record capital investment)
3-Dec Supplies
(To record purchase of equipment)
3-Dec Vehicle
Cash
Accounts payable
(To record purchase of supplies)
5-Dec Purchase
Notes payable
(To record purchase of vehicle)
Accounts payable-JKL
(To record purchase of merchandise)
8-Dec Delivery charges
Cash
(To record delivery charges)
A
10-Dec Accounts receivable
Sales
(To record credit sales)
Cost of goods sold
Accounts and Explanation
11-Dec Freight outward
Cash
Inventory
(To record cost of merchandise)
15-Dec Salaries
Cash
(To record freight paid)
13-Dec Accounts payable-JKL
Purchase return
(To record purchase return)
(To record salaries paid)
16-Dec Cash
17-Dec Sales return
Notes payable
(To record issue of promisory notes against loan)
Accounts receivable
(To record sales return)
A
18-Dec Accounts payable
Cash
20-Dec Cash
(To record cash payment)
22-Dec Cash
19-Dec Supplies
Cash
(To record groceries purchased)
Sales
(To record credit sales)
Cost of goods sold
Discount allowed
Accounts receivable
(To record payment received)
Journal Entries
B
25-Dec Accounts payable-JKL
Cash
A
26-Dec Cash
Inventory
mened
(To record cost of merchandise)
Discount received
(To record payment made)
B
76
77 30-Dec Rent
78
Notes payable
Sales
(To record cash received and notes sold)
Cost of goods sold
29-Dec Telephone expense
Cash
Inventory
(To record cost of merchandise)
27-Dec Withdrawings
Cash
(To record cash withdrawal)
(To record telephone expense)
A
31-Dec Salaries
Cash
(To record rent payment)
SSS deduction
30-Dec Notes payable
Cash
(To record payment of installment)
Pag-IBIG
Philhealth
Cash
B
(To record salaries paid)
31-Dec Depreciation-equipment
Depreciation-vehicle
Accumulated depreciation-equipment
Accumulated depreciation-vehicle
(To record depreciation expense)
P
P 220,000
P
P
D
P
D
P
P 45,500
P
P
P
с
Debit
30,000
12.600
▸ 8,500
75,000
P
P
1,200
C
37,000
P
25,000
P
700
12,300
с
25,000
P 86,000
P 35,890
P
1,110
4,000
P 38,750
7,600
P 21,450
P 37,000
C
P
10,000
P 25,000
P 28,000
20,000
2.300
5,200
P 7,000
C
12,000
.
6,000
P 7,500
P 220,000
P 30,000
P
P
P 12,600
P 45,500
P 1,200
P
P 37,000
p 25,000
D
P
Credit
P 8,500
.
P 12,300
D
P 25,000
P
P 4,000
33,000
42,000
P
P
P
D
P
P
P
P
700
。 21,450
P
P
D
7,600
85,000
37,000
38,750
35,890
1,110
D
P 20,000
P 2,300
35,000
28,000
5,200
D
7,000
380
100
220
P
P 11,300
6,000
7,500

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Follow-up Questions

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Follow-up Question

Preliminary Trial Balance

Solution

by Bartleby Expert

Follow-up Question

Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3 transaction. 19Purchase additional groceries from QR Supermarket amounting to ₱86,000. 20Collected full settlement of customer from December 10 sale. 22₱21,450 cost of merchandise was sold for ₱38,750. 25Settled account to JKL Enterprises. 26Cash received, ₱10,000 and a promissory note for ₱25,000 for merchandise sold to a key customer. Cost of merchandise, ₱28,000. 27Mr. Lopez withdrew ₱20,000 cash from the business. 29Paid telephone expense, ₱2,300. 30Paid building rentals for the month, ₱5,200. 30Paid the first installment of the note payable on Service Vehicle. 31Paid Salaries ₱11,300, net of the following deductions: SSS, ₱380; Pag-IBIG, ₱100; Philhealth, ₱220 The Merchandise Inventory at the end of the of the month is ₱48,000. Additional information for year-end adjustments. Ø The useful life of the equipment is 5 years with no salvage value. -The useful life of the service vehicle is 10 years with no salvage value. -Remaining unused supplies worth ₱9,100. Use asset method.

Question:

1. Prepare the General Ledger. Pls use periodic inventory method.

25 Accounts Payable
Cash
Purchase Discounts
26 Cash
To record payment of account
Notes Receivable
Sales
To record merchandise sold
27 Lopez, Drawings
Cash
To record withdrawal
29 Telephone Expense
Cash
To record payment of telephone expense
30 Rent Expense
Cash
To record payment of building rentals
30 Notes Payable
Cash
To record installment on notes payable
31 Salaries Expense
SSS Payable
Pag-IBIG Payable
Philhealth Payable
Cash
To record payment of salaries
Adjusting Entries
Dec 31 Depreciation Expense
Accumulated Depreciation - Equipment
To adjust depreciation of the equipment
31 Depreciation Expense
Accumulated Depreciation - Service Vehicle
To adjust depreciation of the service vehicle
31 Supplies Expense
Supplies
To adjust unused supplies
210
110
110
130
410
320
110
640
110
630
110
250
110
620
220
230
240
110
660
170
660
190
650
140
37,000
10,000
15,000
20,000
2,300
5,200
7,000
11,300
500
625
3,500
35,890
1,110
25,000
20,000
2,300
5,200
7,000
380
100
220
10,600
500
625
3,500

Date
2022
Dec
1-
•
1 Cash
Lopez, Capital
2 Equipment
Lopez, Capital
To record initial investment of cash
3 Supplies
Accounts Payable
To record investment of equipment
4 Service Vehicle
Cash
Notes Payable
To record supplies bought on account
5 Purchases
Accounts Payable
To record merchandise purchased on account
8 Freight In
Cash
To record service vehicle acquired
16 Cash
10 Accounts Receivable
Sales
11 Freight Out
Cash
To record payment of delivery charge
Account Titles & Explanation
13 Accounts Payable
To record merchandise sold on account
20 Cash
Purchase Return & Allowances
To record defective merchandise returned
15 Salaries Expense
Cash
To record payment of freight
22 Cash
Notes Payable
To record promissory note signed for loan
To record payment of salaries
17 Sales Return & Allowances
Accounts Receivable
18 Accounts Payable
Cash
To record returned merchandise received
19 Purchases
Cash
To record payment of amount owed
Sales Discounts
To record additional groceries purchased
Accounts Receivable
To record full settlement collected from customer
Sales
To record merchandise sold
25 Accounts Payable
Cash
Purchase Discounts
To record payment of account
* 22 92 92 922 22 32 32 32 32 32 23 33 22 22 293 22 22
Debit
220,000
30,000
12,600
75,000
45,500
1,200
37,000
700
8,500
12,300
25,000
4,000
7,600
86,000
32,010
990
38,750
37,000
Credit
22,000
30,000
12,600
33,000
42,000
45,500
1,200
37,000
700
8,500
12,300
25,000
4,000
7,600
86,000
33,000
38,750
35,890
1,110

Solution

by Bartleby Expert

Follow-up Questions

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Follow-up Question

Preliminary Trial Balance

Solution

by Bartleby Expert

Follow-up Question

Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000. The following are additional transactions for the month: 2Mr. Lopez invested equipment for the business worth ₱30,000. 3Bought supplies on account for ₱12,600. 4Acquired a service vehicle costing ₱75,000. A payment of ₱33,000 cash was made and a promissory note was given for the remainder, payable for 6 equal monthly installment. 5Purchased merchandise from JKL Enterprises ₱45,500, Term, 3/20, n/30. 8Paid ₱1,200 delivery charge for December 5 purchase. 10Sold merchandise on account ₱37,000, Term, 3/10, n/30. Cost of Merchandise, ₱25,000. 11Paid ₱700 freight for December 10 transaction. 13Returned defective merchandise to JKL Enterprises amounting to ₱8,500. 15Paid salaries, ₱12,300 16Signed a promissory note for ₱25,000 loaned amount from Commonwealth Bank. 17Received returned merchandise from customers on December 10, ₱4,000. 18Paid ₱7,600 of the amount owed from the December 3 transaction. 19Purchase additional groceries from QR Supermarket amounting to ₱86,000. 20Collected full settlement of customer from December 10 sale. 22₱21,450 cost of merchandise was sold for ₱38,750. 25Settled account to JKL Enterprises. 26Cash received, ₱10,000 and a promissory note for ₱25,000 for merchandise sold to a key customer. Cost of merchandise, ₱28,000. 27Mr. Lopez withdrew ₱20,000 cash from the business. 29Paid telephone expense, ₱2,300. 30Paid building rentals for the month, ₱5,200. 30Paid the first installment of the note payable on Service Vehicle. 31Paid Salaries ₱11,300, net of the following deductions: SSS, ₱380; Pag-IBIG, ₱100; Philhealth, ₱220 The Merchandise Inventory at the end of the of the month is ₱48,000. Additional information for year-end adjustments. Ø The useful life of the equipment is 5 years with no salvage value. -The useful life of the service vehicle is 10 years with no salvage value. -Remaining unused supplies worth ₱9,100. Use asset method.

Question:

1. Prepare the General Ledger. Pls use periodic inventory method.

25 Accounts Payable
Cash
Purchase Discounts
26 Cash
To record payment of account
Notes Receivable
Sales
To record merchandise sold
27 Lopez, Drawings
Cash
To record withdrawal
29 Telephone Expense
Cash
To record payment of telephone expense
30 Rent Expense
Cash
To record payment of building rentals
30 Notes Payable
Cash
To record installment on notes payable
31 Salaries Expense
SSS Payable
Pag-IBIG Payable
Philhealth Payable
Cash
To record payment of salaries
Adjusting Entries
Dec 31 Depreciation Expense
Accumulated Depreciation - Equipment
To adjust depreciation of the equipment
31 Depreciation Expense
Accumulated Depreciation - Service Vehicle
To adjust depreciation of the service vehicle
31 Supplies Expense
Supplies
To adjust unused supplies
210
110
110
130
410
320
110
640
110
630
110
250
110
620
220
230
240
110
660
170
660
190
650
140
37,000
10,000
15,000
20,000
2,300
5,200
7,000
11,300
500
625
3,500
35,890
1,110
25,000
20,000
2,300
5,200
7,000
380
100
220
10,600
500
625
3,500

Date
2022
Dec
1-
•
1 Cash
Lopez, Capital
2 Equipment
Lopez, Capital
To record initial investment of cash
3 Supplies
Accounts Payable
To record investment of equipment
4 Service Vehicle
Cash
Notes Payable
To record supplies bought on account
5 Purchases
Accounts Payable
To record merchandise purchased on account
8 Freight In
Cash
To record service vehicle acquired
16 Cash
10 Accounts Receivable
Sales
11 Freight Out
Cash
To record payment of delivery charge
Account Titles & Explanation
13 Accounts Payable
To record merchandise sold on account
20 Cash
Purchase Return & Allowances
To record defective merchandise returned
15 Salaries Expense
Cash
To record payment of freight
22 Cash
Notes Payable
To record promissory note signed for loan
To record payment of salaries
17 Sales Return & Allowances
Accounts Receivable
18 Accounts Payable
Cash
To record returned merchandise received
19 Purchases
Cash
To record payment of amount owed
Sales Discounts
To record additional groceries purchased
Accounts Receivable
To record full settlement collected from customer
Sales
To record merchandise sold
25 Accounts Payable
Cash
Purchase Discounts
To record payment of account
* 22 92 92 922 22 32 32 32 32 32 23 33 22 22 293 22 22
Debit
220,000
30,000
12,600
75,000
45,500
1,200
37,000
700
8,500
12,300
25,000
4,000
7,600
86,000
32,010
990
38,750
37,000
Credit
22,000
30,000
12,600
33,000
42,000
45,500
1,200
37,000
700
8,500
12,300
25,000
4,000
7,600
86,000
33,000
38,750
35,890
1,110

Solution

by Bartleby Expert

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