Exercise 4Below are transactions taken from the books of Zen Enterprises for the monthof May. Assuming you are the bookkeeper record the transactions.May 5811Zen Enterprises purchased merchandise from Que Merchants, P150,000 onaccount.arit alFreight charges P3,000 FOB shipping point, freight collect.Terms: 2/10, n/30Zen Enterprises sold merchandise to Ace Trading on account, 75,000.Freight charges 3,750 FOB shipping point, freight prepaid. Term: 2/20 n/3012Granted Ace Trading P4,500 allowance for defective merchandise sold.stosilco ynsgrans diCash purchases amount to 105,000. Freight charges P4,000 FOB destination,freight prepaid. May 15151621252628Zen Enterprises sold merchandise to Never Trading on account, 90,000.921Freight charges P3,600 FOB destination, freight prepaid.Terms: 1/10, n/3018 Returned defective merchandise to Nox Merchants P2,00019Zen Enterprises purchased merchandise from Mud Merchants on account,P200,000. Freight charges P5,000, FOB destination, freight collect.Terms: 1/10, n/30Ace 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 chargesP7,000, FOB destination, freight collect. Terms: 1/10, n/3031Zen 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/eomZeus Boutique sold merchandise to Posh Company 101,000. Freight charges7,500, FOB shipping point, freight collect. Terms: n/eomSpy Traders settled its account in full.

Journal Entry : It is the process of recording the business transactions in the books of accounts…

w are transactions taken from the books of Zen Enterprises for the y. Assuming you are the bookkeeper record the transactions. 5 Zen Enterprises purchased merchandise from Que Merchants, P150, account. Q Freight charges P3,000 FOB shipping point, freight collect. Terms: 2/10, n/30 Cash purchases amount to P105,000. Freight charges P4,000 FOB desti

w are transactions taken from the books of Zen Enterprises for the y. Assuming you are the bookkeeper record the transactions. 5 Zen Enterprises purchased merchandise from Que Merchants, P150, account. Q Freight charges P3,000 FOB shipping point, freight collect. Terms: 2/10, n/30 Cash purchases amount to P105,000. Freight charges P4,000 FOB desti

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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