FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 Point
26 SoldMerchandise, P 450,000 terms 2/10, n/30
27 Owner got P 8,500 from the business.
28 Paid the following: Rent - P 8,0000: Utilities - P 7,0000, Advertising - P 5,000 and Salaries P 10,500
30 Merchandise inventory at the end amounts to P 150,000.
Required:
| Cash Receipts Journal |
| Cash Disbursement Journal |
| Sales Journal |
| Purchases Journal |
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