FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 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.
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Transcribed Image Text: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 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.
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