The following transactions occurred in Nanon Company: a. Nanon, the owner, invested P50,000,000 and obtained P100,000,000 loan from a bank. b. The company purchased a manufacturing plant for business amounting to P125,000,000 for cash. c. It also purchased goods for sale on cash amounting to P250,000. d. There were sales of finished goods on credit amounting to P500,000. e. The company purchased goods for sale on credit amounting to P250,000. f. The company returned goods to the supplier amounting to P50,000 which was evidence by a credit memo from the supplier. g. Various accruals were recorded at the end of the period amounting to P30,000. From the above transactions, what is the total amount to be recorded in the Purchases Journal? P250,000 P450,000 P500,000 P125,500,000 From the above transactions, what is the total amount to be recorded in the Cash Disbursements Journal? P125,250,000 P125,500,000 P50,250,000 P50,500,000 From the above transactions, what is the total amount to be recorded in the Sales Journal? P500,000 P450,000 P550,000 P470,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following transactions occurred in Nanon Company:

a. Nanon, the owner, invested P50,000,000 and obtained P100,000,000 loan from a bank.

b. The company purchased a manufacturing plant for business amounting to P125,000,000 for cash.

c. It also purchased goods for sale on cash amounting to P250,000.

d. There were sales of finished goods on credit amounting to P500,000.

e. The company purchased goods for sale on credit amounting to P250,000.

f. The company returned goods to the supplier amounting to P50,000 which was evidence by a credit memo from the supplier.

g. Various accruals were recorded at the end of the period amounting to P30,000.

From the above transactions, what is the total amount to be recorded in the Purchases Journal?

P250,000

P450,000

P500,000

P125,500,000

From the above transactions, what is the total amount to be recorded in the Cash Disbursements Journal?

P125,250,000

P125,500,000

P50,250,000

P50,500,000

From the above transactions, what is the total amount to be recorded in the Sales Journal?

P500,000

P450,000

P550,000

P470,000

From the above transactions, what is the total amount to be recorded in the Cash Receipts Journal?

P150,300,000

P125,000,000

P150,250,000

P150,000,000

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