periodic inventroy - trial balanceMr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart.2Bought grocery supplies on account ₱10,700.4Acquired 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.6Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20.7Paid ₱1,600 delivery charge for January 6 transactions.8Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000.11Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30.12Paid ₱1,200 freight for January 11 transactions.14Returned defective merchandise to Puregold amounting to ₱4,500.15Paid salaries, ₱5,600.16Signed a promissory note for ₱30,000 loaned amount from Commonwealth Bank.17Received returned merchandise from customer ₱3,500.18Paid ₱5,700 of the amount owed from the transaction of January 2.19Purchase additional groceries from Talavera Supermarket amounting to ₱44,000.20Collected full settlement of a customer from January 11 transactions.24Paid telephone expense, ₱1,600.25Paid building rentals for the month, ₱4,800.26Settled accounts to Puregold.27₱41,750 cost of merchandise sold for ₱58,450.28Withdrew ₱20,000 from the business.29Paid miscellaneous expenses, ₱3,430.30Paid the first installment of the note payable on Service Vehicle, ₱8,500.31Paid 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. 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)

SOLUTION A JOURNAL IS THE COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…

Answered: periodic inventroy - trial balance Mr.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

periodic inventroy - trial balance 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.

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)

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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.