Prepare the journal entries for Cagayan Groceries using journal sheets Cagayan Groceries entered in the following transactions during the month of July 2020: July 2: Purchased ₱30,000 merchandise; terms 1/10, n/45. July 4: Paid trucking firm, ₱400 to ship the merchandise purchased on July 2. July 5: Purchased merchandises worth ₱43,200 with terms 2/10, n/30. July 6: Paid the trucking firm, ₱500 in relation to July 5 purchases. July 8: Returned ₱2,800 from the July 2 purchases. July 11: Paid the accounts from July 2. July 13 : Sold ₱92,000 merchandises cash. July 22: Sold Merchandises for ₱63,000. Terms; 1/15, n/30. July 28: Acquired equipment for ₱120,000 July 30: Paid purchases from June 5

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
100%
Prepare the journal entries for Cagayan Groceries using journal sheets Cagayan Groceries entered in the following transactions during the month of July 2020: July 2: Purchased ₱30,000 merchandise; terms 1/10, n/45. July 4: Paid trucking firm, ₱400 to ship the merchandise purchased on July 2. July 5: Purchased merchandises worth ₱43,200 with terms 2/10, n/30. July 6: Paid the trucking firm, ₱500 in relation to July 5 purchases. July 8: Returned ₱2,800 from the July 2 purchases. July 11: Paid the accounts from July 2. July 13 : Sold ₱92,000 merchandises cash. July 22: Sold Merchandises for ₱63,000. Terms; 1/15, n/30. July 28: Acquired equipment for ₱120,000 July 30: Paid purchases from June 5.
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
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
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