ANALYZE AND MAKE THE NECESSARY JOURNAL ENTRIES WITH NO EXPLANATIONS. Jan. 1 – May invested the following assets into the business; Cash P 50,000 Merchandise 20,000 Equipment 40,000 2 - Bought tables and chairs for office use, P10,000. Terms: 2/10, n/30. 5 – Cash purchases for the day, P5,000. 8 – Bought goods from May Store, P10,000. Terms: 50% down and issued a 10-day, 6% note for the balance. - Paid freight for the above goods, P300. F.O.B. shipping point. 10 – Bought store supplies for cash, P500. 12- Paid the account on January 12. 13- Bought goods from MNO Trading, P5,000. Terms: 10 and 5, 2/10, n/30. 15 – Bought goods from XYZ Trading, P10,000. Terms: 2/10, n/30. - Paid freight for the above goods, P200. FOB destination. 18 - Returned defective goods to XYZ Trading, P1,000. - Paid the note on January 8. 24 – Paid in full the account to MNO Trading. 25 – Paid in full the account to XYZ Trading. 31 – Paid the following expenses; Advertising P 1,000 Salaries 5,000 Rent 3,000
ANALYZE AND MAKE THE NECESSARY JOURNAL ENTRIES WITH NO EXPLANATIONS. Jan. 1 – May invested the following assets into the business; Cash P 50,000 Merchandise 20,000 Equipment 40,000 2 - Bought tables and chairs for office use, P10,000. Terms: 2/10, n/30. 5 – Cash purchases for the day, P5,000. 8 – Bought goods from May Store, P10,000. Terms: 50% down and issued a 10-day, 6% note for the balance. - Paid freight for the above goods, P300. F.O.B. shipping point. 10 – Bought store supplies for cash, P500. 12- Paid the account on January 12. 13- Bought goods from MNO Trading, P5,000. Terms: 10 and 5, 2/10, n/30. 15 – Bought goods from XYZ Trading, P10,000. Terms: 2/10, n/30. - Paid freight for the above goods, P200. FOB destination. 18 - Returned defective goods to XYZ Trading, P1,000. - Paid the note on January 8. 24 – Paid in full the account to MNO Trading. 25 – Paid in full the account to XYZ Trading. 31 – Paid the following expenses; Advertising P 1,000 Salaries 5,000 Rent 3,000
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter10: Accounting For Sales And Cash Receipts
Section10.3: Accounting For Cash And Credit Card Sales
Problem 1OYO
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Question
100%
- ANALYZE AND MAKE THE NECESSARY
JOURNAL ENTRIES WITH NO EXPLANATIONS. - Jan. 1 – May invested the following assets into the business;
- Cash P 50,000
- Merchandise 20,000
- Equipment 40,000
- 2 - Bought tables and chairs for office use, P10,000. Terms: 2/10, n/30.
- 5 – Cash purchases for the day, P5,000.
- 8 – Bought goods from May Store, P10,000. Terms: 50% down and issued a 10-day, 6%
- note for the balance.
- - Paid freight for the above goods, P300. F.O.B. shipping point.
- 10 – Bought store supplies for cash, P500.
- 12- Paid the account on January 12.
- 13- Bought goods from MNO Trading, P5,000. Terms: 10 and 5, 2/10, n/30.
- 15 – Bought goods from XYZ Trading, P10,000. Terms: 2/10, n/30.
- - Paid freight for the above goods, P200. FOB destination.
- 18 - Returned defective goods to XYZ Trading, P1,000.
- - Paid the note on January 8.
- 24 – Paid in full the account to MNO Trading.
- 25 – Paid in full the account to XYZ Trading.
- 31 – Paid the following expenses;
- Advertising P 1,000
- Salaries 5,000
- Rent 3,000
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