purchases were completed during March March 2- Bought merchandising from Levi Company with a list price P18,000 Terms COD with a 10% trade discount exclusive of reight of P1,2-which was also paid. 3-Returned defective merchandise to Levi Company P 1,500 and was given a cash refund 5- Purchase merchandise from Cortan Traders, P10,000 terms 2/10.n/30 and paid freight of P500. 7-A credit memo was received from Cortan

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
Required: • JOURNAL ENTRIES
INSTRUCTIONS
Problems:
A. The following selected transactions pertaining to
purchases were completed during March
March 2 - Bought merchandising from Levi
Company with a list price P18,000
Terms COD with a 10% trade discount exclusive of
freight of P1,2-which was also
paid.
3- Returned defective merchandise to Levi
Company P 1,500 and was given a cash refund
6- Purchase merchandise from Cortan Traders,
P10,000 terms 2/10.n/30 and paid freight
of P500.
7-A credit memo was received from Cortan
Traders for defective merchandise returned,
P2,000
9- Made a partial payment to Cortan Traders, P
5,000
16 - Paid the account of Cortan Traders in full.
Required: Journalize the above transactions
( without explanation )
B. The following selected transactions pertaining
to Sales were recorded for the month of August
August 3- Cash Sales. List Price, P50,000 with
trade discount of8% and 5% freight paid P4,000
6- Gave a cash refund for defective merchandise
returned, P2,000
7- Sold merchandise to Leony valued at P 35,000
terms: 2/10,1/15,nh/45
8- Defective merchandise returned by Leony,
P5,000 for which a credit memo was
given.
11- Leony made a partial payment of P 20,000
22 - Collected the account of Leony in full
Required" Give your Journal entry (without
explanation ) to record the above transactions.
ATTACHMENTS
B. The following selected transactions pertaining
to Sales were recorded for the month of August
August 3 - Cash Sales. List Price, P50,000 with
trade discount of8% and 5% freight paid P4,000
6- Gave a cash refund for defective merchandise
returned, P2,000
7- Sold merchandise to Leony valued at P 35,000
terms: 2/10,1/15,nh/45
8 - Defective merchandise returned by Leony,
P5,000 for which a credit memo was
given.
11- Leony made a partial payment of P 20,000
22 - Collected the account of Leony in full
Required" Give your Journal entry ( without
explanation ) to record the above transactions.
Transcribed Image Text:INSTRUCTIONS Problems: A. The following selected transactions pertaining to purchases were completed during March March 2 - Bought merchandising from Levi Company with a list price P18,000 Terms COD with a 10% trade discount exclusive of freight of P1,2-which was also paid. 3- Returned defective merchandise to Levi Company P 1,500 and was given a cash refund 6- Purchase merchandise from Cortan Traders, P10,000 terms 2/10.n/30 and paid freight of P500. 7-A credit memo was received from Cortan Traders for defective merchandise returned, P2,000 9- Made a partial payment to Cortan Traders, P 5,000 16 - Paid the account of Cortan Traders in full. Required: Journalize the above transactions ( without explanation ) B. The following selected transactions pertaining to Sales were recorded for the month of August August 3- Cash Sales. List Price, P50,000 with trade discount of8% and 5% freight paid P4,000 6- Gave a cash refund for defective merchandise returned, P2,000 7- Sold merchandise to Leony valued at P 35,000 terms: 2/10,1/15,nh/45 8- Defective merchandise returned by Leony, P5,000 for which a credit memo was given. 11- Leony made a partial payment of P 20,000 22 - Collected the account of Leony in full Required" Give your Journal entry (without explanation ) to record the above transactions. ATTACHMENTS B. The following selected transactions pertaining to Sales were recorded for the month of August August 3 - Cash Sales. List Price, P50,000 with trade discount of8% and 5% freight paid P4,000 6- Gave a cash refund for defective merchandise returned, P2,000 7- Sold merchandise to Leony valued at P 35,000 terms: 2/10,1/15,nh/45 8 - Defective merchandise returned by Leony, P5,000 for which a credit memo was given. 11- Leony made a partial payment of P 20,000 22 - Collected the account of Leony in full Required" Give your Journal entry ( without explanation ) to record the above transactions.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Financial Instruments
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.
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