Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2 Bought grocery supplies on account ₱10,700. 4 Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6 Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7 Paid ₱1,600 delivery charge for January 6 transactions. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11 Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12 Paid ₱1,200 freight for January 11 transactions. 14 Returned defective merchandise to Puregold amounting to ₱4,500. 15 Paid salaries, ₱5,600. 16 Signed a promissory note for ₱30,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customer ₱3,500. 18 Paid ₱5,700 of the amount owed from the transaction of January 2. 19 Purchase additional groceries from Talavera Supermarket amounting to ₱44,000. 20 Collected full settlement of a customer from January 11 transactions. 24 Paid telephone expense, ₱1,600. 25 Paid building rentals for the month, ₱4,800. 26 Settled accounts to Puregold. 27 ₱41,750 cost of merchandise sold for ₱58,450. 28 Withdrew ₱20,000 from the business. 29 Paid miscellaneous expenses, ₱3,430. 30 Paid the first installment of the note payable on Service Vehicle, ₱8,500. 31 Paid Salaries ₱5,100, net of the following deductions: SSS, 380; Pag-IBIG, 100; Philhealth, 220 The Merchandise Inventory at the end of the of the
Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2 Bought grocery supplies on account ₱10,700. 4 Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6 Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7 Paid ₱1,600 delivery charge for January 6 transactions. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11 Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12 Paid ₱1,200 freight for January 11 transactions. 14 Returned defective merchandise to Puregold amounting to ₱4,500. 15 Paid salaries, ₱5,600. 16 Signed a promissory note for ₱30,000 loaned amount from Commonwealth Bank. 17 Received returned merchandise from customer ₱3,500. 18 Paid ₱5,700 of the amount owed from the transaction of January 2. 19 Purchase additional groceries from Talavera Supermarket amounting to ₱44,000. 20 Collected full settlement of a customer from January 11 transactions. 24 Paid telephone expense, ₱1,600. 25 Paid building rentals for the month, ₱4,800. 26 Settled accounts to Puregold. 27 ₱41,750 cost of merchandise sold for ₱58,450. 28 Withdrew ₱20,000 from the business. 29 Paid miscellaneous expenses, ₱3,430. 30 Paid the first installment of the note payable on Service Vehicle, ₱8,500. 31 Paid Salaries ₱5,100, net of the following deductions: SSS, 380; Pag-IBIG, 100; Philhealth, 220 The Merchandise Inventory at the end of the of the
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2022, and the following transactions were completed during the month: |
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| 1 | Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. |
| 2 | Bought grocery supplies on account ₱10,700. |
| 4 | Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. |
| 6 | Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. |
| 7 | Paid ₱1,600 delivery charge for January 6 transactions. |
| 8 | Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. |
| 11 | Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. |
| 12 | Paid ₱1,200 freight for January 11 transactions. |
| 14 | Returned defective merchandise to Puregold amounting to ₱4,500. |
| 15 | Paid salaries, ₱5,600. |
| 16 | Signed a promissory note for ₱30,000 loaned amount from Commonwealth Bank. |
| 17 | Received returned merchandise from customer ₱3,500. |
| 18 | Paid ₱5,700 of the amount owed from the transaction of January 2. |
| 19 | Purchase additional groceries from Talavera Supermarket amounting to ₱44,000. |
| 20 | Collected full settlement of a customer from January 11 transactions. |
| 24 | Paid telephone expense, ₱1,600. |
| 25 | Paid building rentals for the month, ₱4,800. |
| 26 | Settled accounts to Puregold. |
| 27 | ₱41,750 cost of merchandise sold for ₱58,450. |
| 28 | Withdrew ₱20,000 from the business. |
| 29 | Paid miscellaneous expenses, ₱3,430. |
| 30 | Paid the first installment of the note payable on Service Vehicle, ₱8,500. |
| 31 | Paid Salaries ₱5,100, net of the following deductions: SSS, 380; Pag-IBIG, 100; Philhealth, 220 |
| The Merchandise Inventory at the end of the of the month is ₱20,000. | |
| |
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Use the following accounts in Journalizing the transactions:Cash (110); Accounts Receivable (120); Supplies (130); Prepaid Advertising (140); Merchandise Inventory (150); Service Vehicle (160); Accounts Payable (210); SSS Payable (220); Pag-IBIG Payable (230); Philhealth Payable (240); Notes Payable (250); Lopez, Capital (310); Lopez, Withdrawals (320), Sales (410); Sales Returns & Allowances (420); Sales Discount (430); Purchases (510); Freight-in (520); Purchase Returns & Allowances (530); Purchase Discount (540); Freight-out (610); Salaries Expense (620); Rent Expense (630) Telephone Expense (640); and Miscellaneous Expense (650). Income Summary (700) |
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