FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
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Transcribed Image Text:Exercise 4
Below are transactions taken from the books of Zen Enterprises for the month
of May. Assuming you are the bookkeeper record the transactions.
May 5
8
11
Zen Enterprises purchased merchandise from Que Merchants, P150,000 on
account.
arit al
Freight charges P3,000 FOB shipping point, freight collect.
Terms: 2/10, n/30
Zen Enterprises sold merchandise to Ace Trading on account, 75,000.
Freight charges 3,750 FOB shipping point, freight prepaid. Term: 2/20 n/30
12
Granted Ace Trading P4,500 allowance for defective merchandise sold.
stosilco ynsgrans di
Cash purchases amount to 105,000. Freight charges P4,000 FOB destination,
freight prepaid.
Transcribed Image Text:May 15
15
16
21
25
26
28
Zen Enterprises sold merchandise to Never Trading on account, 90,000.
921
Freight charges P3,600 FOB destination, freight prepaid.
Terms: 1/10, n/30
18 Returned defective merchandise to Nox Merchants P2,000
19
Zen Enterprises purchased merchandise from Mud Merchants on account,
P200,000. Freight charges P5,000, FOB destination, freight collect.
Terms: 1/10, n/30
Ace Trading settled its account in full.
Zen Enterprises settled its account with Nox Merchants in full.
Zeus Boutique sold merchandise to Spy Traders P75,000. Freight charges
P7,000, FOB destination, freight collect. Terms: 1/10, n/30
31
Zen Enterprises settled account with Que Merchants in full.
Zen Enterprises purchased merchandise from Nox Merchants on account,
P32,000.
Freight charges P4,000 FOB shipping point, freight prepaid.
Terms: 2/10 n/eom
Zeus Boutique sold merchandise to Posh Company 101,000. Freight charges
7,500, FOB shipping point, freight collect. Terms: n/eom
Spy Traders settled its account in full.
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