Rov 1- A. Cruz, owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and store equipment with fair market value of 18,600. Nov 2 - Sold 2,500 goods to Bonete Store,Terms : 2/10, n/20. Nov 3- Sold 6,000 worth of merchandise to Rufie Trading, terms: 2/10;1/20;n/30. Nov 4- Sold for cash 5,000 goods. Nov 5- Purchased 3,600 goods and paid freight for the merchandise, 100 pesos. Nov 6; Bonete store paid its account in full. Nov 7- Rufie store paid 2,000 in partial settlement of its account. Nov 8- Sold merchandise for 5,000 to Rading Mini Grocery, Terms : 1,000 down,2,000 60- day note, and the balance on account. Nov 9- Rufie paid another 1,000 in partial settlement of its account. Nov 10-Received 300 commission from ABC Store for selling its items. Nov 12- Rufie store paid the balance of its account. Nov 15 - Paid the half month's salary of the helper, 2,000. Required : Prepare the journal entries. Write your answers in your columnar notebook.

Rov 1- A. Cruz, owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and store equipment with fair market value of 18,600. Nov 2 - Sold 2,500 goods to Bonete Store,Terms : 2/10, n/20. Nov 3- Sold 6,000 worth of merchandise to Rufie Trading, terms: 2/10;1/20;n/30. Nov 4- Sold for cash 5,000 goods. Nov 5- Purchased 3,600 goods and paid freight for the merchandise, 100 pesos. Nov 6; Bonete store paid its account in full. Nov 7- Rufie store paid 2,000 in partial settlement of its account. Nov 8- Sold merchandise for 5,000 to Rading Mini Grocery, Terms : 1,000 down,2,000 60- day note, and the balance on account. Nov 9- Rufie paid another 1,000 in partial settlement of its account. Nov 10-Received 300 commission from ABC Store for selling its items. Nov 12- Rufie store paid the balance of its account. Nov 15 - Paid the half month's salary of the helper, 2,000. Required : Prepare the journal entries. Write your answers in your columnar notebook.

Name: nY Below are the transactions of Binggit Trading.for the first half o
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Description: nY Below are the transactions of Binggit Trading.for the first half of November 2020.Rov 1- A. Cruz , owner of Bingget Trading, invested 20,000 cash, merchandise 14,500 and storeequipment with fair market value of 18,600.Nov 2 - Sold 2,500 goods to

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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#4: Accounts Payable, beg. 70,000.00; Accounts Payable, end 75,000.00; Merchandise Inventory, beg - 350,000.00; Merchandise Inventory, end 175,000.00; Cost of Goods Sold 2,650,500. All Merchandise Purchases for the year are made on account. The Cash Payment to Supplier from Purchases on Account amounted to _________. (Round your answers to the nearest 2 decimal places)
Activity 2: The transsactions for DEF Company for the month of April, 2021 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.) Date Transactions April 2 DEF sold and shipped merchandise worth P250,000 to AM Company terms 1/15, n/30. 4 AM Company reported P5,800 of merchandise damaged in shipment, and a credit memo was issued for this. 6 Purchased office supplies for P3,568 cash. 7 Sold P120,000 of merchandise to Lily Company, terms: 2/10, n/30. Purchased merchandise for P244,000 cash. 8 10 Cash sales for the first 15 days is P188,000. 12 Purchased merchandise worth P300,000, terms: 20% downpayment, balance 2/10, n/30. 14 Returned defective merchandise worth P30,000 purchased on April 12. 16 Received full payment from AM Company for sale of April 2. Received full payment from Lily Company. 17 22 Paid commission of salesmen, P60,000. 22 Paid in full the purchase dated April 12. Cash sales for the last 15…
On Ist January, 1990, the balances of M/s Khan Bros. are as follows; Assets Liabilities & Owner's equity Rs. 25000 Creditors 40000 Cash 17000 Capital 94000 Debtors of goods 22000 Stock of goods 70.000 134000 Building 134000 Transactions during the month of January; Jan: 1. Purchased goods for cash Rs. 4,000 subject to a trade discount of 10% 5. Sold goods for cash Rs. 12,000 Costing Rs. 10,500 7. Cash paid to creditors Rs. 25,000 9. Sold goods for cash Rs.5,000 and as credit basis Rs.3,000 costing Rs.6,000. 11. Goods returned by a customer Rs. 2,000 costing Rs. 1,900 15. Cash received from debtors Rs. 14,000 18. Cash paid for furniture purchased for owner's domestic use Rs. 1,000 22. Depreciation on building Rs. 1,400. 29. Paid telephone bill Rs. 600 30. Paid salaries Rs. 3,000. Req. Show the effects of above transactions on the accounfing equation. Ans: [Rs. 106400].
8- A merchandise dealer bought an amount of (5,000) dinars in cash. 9- A merchandise dealer bought an amount of (5000) dinars on an account. 10- A merchandise dealer bought for (9000) dinars and paid half the price in cash and the rest at the expense of. 11- The dealer paid the transportation expenses of purchases an amount of 1500 dinars in cash. 12-A merchandise dealer sold for (1000) dinars in cash. 13- A merchant sold a merchandise to Walid for a sum of (1000) dinars, received 500 cash and the rest on the account. 14- A dealer paid an amount of 2,500 dinars in cash advertising. 15-A merchant bought a merchandise for 50,000 and paid for it with a check. 16- A furniture dealer bought an amount of (75,000) dinars by check. 17-A merchant paid an amount (100,000) of rent for a store by check. 18- A merchant drew $ 50,000 for personal use by check. 19- Merchant Nabil opened a current account in the bank and deposited 15,000 dinars into it cash Money. 20- Merchant Nabil sold goods for…
Prime entries.
March 1 Invested cash P 950,000 into the business to buy and sell various merchandise. She also invested computer equipment worth P 85,000 into the business. 3 Purchased on account merchandise, P 430,000 terms 5/10, n/30 FOB Shipping point. 4 Purchased Supplies P 5,000 on account. 5 Sold for cash P 350,000 6 Returned P 75,000 worth of defective merchandise. 10 Sold on account, P 350,000 to customers with credit terms: 2/10, n/40 FOB Destination 10 Paid the freight charges on transaction made on MAr. 3, P 4,500 11 Paid in full the purchases made on Mar. 3 12 Made additional purchases for cash P 350,000 14 Borrowed from the bank P 1,250,000 and issued a 5-year promissory note. 15 Purchased computer equipment for cash P95,000 15 Paid salaries to employees - P 10,500 16 Refund P 50,000 to customers. 17 Sold merchandise for P 450,000. FOB Destination 20 Paid the freight charges on Mar 10 and 17- P 7,500 25 Purchased merchandise on account, P 220,000 terms 2/20, n/30 FOB Shipping…
ES-1A. Cash Discount Calculations On June 1, Meadow Company sold merchandise with a list price of $40,000. For each of the sales terms below, determine the proper amount of cash received: 1. 2. 3. 4. Credit Terms Date Paid 2/10, n/30.... June 8 1/10, n/30.... June 15 1/15, n/30... June 14 n/30.... June 28
Webb Inc. sells $25,000 of merchandise to Jones and Sons on account, the terms were 2/10, n30. The cost of the merchandise is $12,500 Write the entry Webb would make to record this transaction. Sales $24,99
Post to the general ledger
None
BES-2 Prepare the journal entries to record the following transactions on Rowen Company's books: (a) On March 2, Hunt Company sold $900,000 of merchandise to Rowen Company, terms n/30. The cost of the merchandise sold was $600,000. (b) On March 6, Rowen Company returned $130,000 of the merchandise purchased on March 2 The cost of the returned merchandise was $90,000. The merchandise was returned to inven- tory for future resale. (c) On March 31, Hunt Company received the balance due from Rowen Company.