RJV Products Trading is a trading firm established on May 2, 2020 by Mr. ROJAS with an initial Investment of P 15,000 completed the following transactions during the month of May 2020: 2-Purchased merchandise on account from Moonstar Suppliers, P 8,000 - terms: 2/10, n/30, FOB, Shipping Point -P 220. 4-Purchased supplies in cash, P 1,600. 6-Received credit from MOONSTAR Suppliers for merchandise returned, P 200 7-Sold merchandise on account P 4,400- terms: 2/10, n/30, FOB Destination - P110. 10-Purchased equipment for P 18,000 - terms: 2/10, n/30. 12- Paid Moonstar Supplier in full. 13-Purchased merchandise in cash, P 3,700. 14- Received cash loan from RMC Bank on a promissory note of P 15,000. 15-Received refund from supplier for poor quality merchandise on cash purchase, P430. 17-Received collections in full from customers billed on May7 18-The owner withdrew P 5,000 cash for his personal use. 18-Purchased merchandise from Grimmer Distributors for P 2,500- terms: 2/10, n/30. 19-Paid freight on May 18 purchase, P 125. 21-The owner withdrew P 3,000 cash for his personal use. 23-Sold merchandise on account, P 2,400- terms: 2/10, n/30. 25-Purchased merchandise from Sunset Enterprises, P2,350 - terms: 2/10, n/30. 28-Paid Grimmer Distributors in full. 29-Sold merchandise for cash, P 5,400. FOB, Destination - P250. 30-Paid the salary amounted, P 2,000. 31-Made refunds to cash customers for defective merchandise, P 324.
RJV Products Trading is a trading firm established on May 2, 2020 by Mr. ROJAS with an initial Investment of P 15,000 completed the following transactions during the month of May 2020: 2-Purchased merchandise on account from Moonstar Suppliers, P 8,000 - terms: 2/10, n/30, FOB, Shipping Point -P 220. 4-Purchased supplies in cash, P 1,600. 6-Received credit from MOONSTAR Suppliers for merchandise returned, P 200 7-Sold merchandise on account P 4,400- terms: 2/10, n/30, FOB Destination - P110. 10-Purchased equipment for P 18,000 - terms: 2/10, n/30. 12- Paid Moonstar Supplier in full. 13-Purchased merchandise in cash, P 3,700. 14- Received cash loan from RMC Bank on a promissory note of P 15,000. 15-Received refund from supplier for poor quality merchandise on cash purchase, P430. 17-Received collections in full from customers billed on May7 18-The owner withdrew P 5,000 cash for his personal use. 18-Purchased merchandise from Grimmer Distributors for P 2,500- terms: 2/10, n/30. 19-Paid freight on May 18 purchase, P 125. 21-The owner withdrew P 3,000 cash for his personal use. 23-Sold merchandise on account, P 2,400- terms: 2/10, n/30. 25-Purchased merchandise from Sunset Enterprises, P2,350 - terms: 2/10, n/30. 28-Paid Grimmer Distributors in full. 29-Sold merchandise for cash, P 5,400. FOB, Destination - P250. 30-Paid the salary amounted, P 2,000. 31-Made refunds to cash customers for defective merchandise, P 324.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5EB: Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On...
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Transcribed Image Text:RJV Products Trading is a trading firm established on May 2, 2020 by Mr. ROJAS
with an initial Investment of P 15,000 completed the following transactions during the
month of May 2020:
2-Purchased merchandise on account from Moonstar Suppliers, P 8,000 - terms: 2/10,
n/30, FOB, Shipping Point-P 220.
4-Purchased supplies in cash, P 1,600.
6-Received credit from MOONSTAR Suppliers for merchandise returned, P 200
7- Sold merchandise on account P 4,400 - terms: 2/10, n/30, FOB Destination - P110.
10-Purchased equipment for P 18,000-terms: 2/10, n/30.
12- Paid Moonstar Supplier in full.
13-Purchased merchandise in cash, P 3,700.
14- Received cash loan from RMC Bank on a promissory note of P 15,000.
15-Received refund from supplier for poor quality merchandise on cash purchase, P430.
17-Received collections in full from customers billed on May7
18-The owner withdrew P 5,000 cash for his personal use.
18-Purchased merchandise from Grimmer Distributors for P 2,500 - terms: 2/10, n/30.
19-Paid freight on May 18 purchase, P 125.
21-The owner withdrew P 3,000 cash for his personal use.
23-Sold merchandise on account, P 2,400- terms: 2/10, n/30.
25-Purchased merchandise from Sunset Enterprises, P2,350-terms: 2/10, n/30.
28-Paid Grimmer Distributors in full.
29-Sold merchandise for cash, P 5,400. FOB, Destination - P250.
30-Paid the salary amounted, P 2,000.
31-Made refunds to cash customers for defective merchandise, P 324.
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