Question
In: Accounting
Journalize the following transactions of ABC General Merchandising; 2018 July 6- Purchased merchandise from DEF,...
Journalize the following transactions of ABC General Merchandising;
2018
July 6- Purchased merchandise from DEF, P15,000. Terms: 50% down and the balance
2/10, n/30.
7- Purchased a typewriter from GHI for office use, P 7,500. Term: 2/10, n/30.
7- Paid for the delivery of the typewriter, P200.
7- Returned defective goods to DEF, P1,000.
8- Purchased merchandise from JKL, P25,000 less 10% trade discount. Term:
2/10, n/30. FOB destination.
8- Cash sales, P12,000.
9- Paid for the delivery of the above purchase, P200.
10-Sold merchandise to MNO, P10,000. Terms: 10-day note.
12- Issued a check to GHI in full payment of the account with them.
13- Sold merchandise to PQR, P30,000. Terms: 2/10, 1/15, n/30. FOB Shipping
point.
14- Paid the delivery of the above goods sold, P300.
15- Received defective goods from PQR, P 3,000.
15- Purchased store supplies for cash, P1,500.
18- Settled the account with DEF.
18- Cash purchases, P5,000.
18- Collected the account of PQR.
20- Collected the note in July 10 plus 20 interest.
31- Issued a 30-day note in settlement of the account to JKL on July 8.
Solutions
Expert Solution
| ABC General Merchandising | |||
| Date | Particulars | Dr | Cr |
| July 6 | Inventory/ Purchases | P15,000 | |
| To Cash | P7,500 | ||
| " DEF (Accounts Payable) | P7,500 | ||
| (Purchased merchandise from DEF, P15,000. Terms: 50% down and the balance 2/10, n/30 terms) | |||
| July 7 | Office Equiment | P7,500 | |
| To GHI (Accounts Payable) | P7,500 | ||
| (Purchased a typewriter from GHI for office use, P 7,500. Term: 2/10, n/30.) | |||
| July 7 | Freight Expenses | P200 | |
| To Cash | P200 | ||
| ( Paid for the delivery of the typewriter, P200.) | |||
| July 7 | DEF (Accounts Payable) | P1,000 | |
| To Inventory/ Purchases | P1,000 | ||
| (Returned defective goods to DEF, P1,000) | |||
| July 8 | Inventory/ Purchases | P22,500 | |
| To JKL (Accounts Payable) | P22,500 | ||
| (Purchased merchandise from JKL, P25,000 less 10% trade discount. Term:2/10, n/30 FO Destination) | |||
| July 8 | Cash | P12,000 | |
| To Inventory/Sales | P12,000 | ||
| (Cash sales, P12,000.) | |||
| July 9 | Freight Inward | P200 | |
| To Cash | P200 | ||
| ( Paid for the delivery of the above purchase, P200.) | |||
| July 10 | Note Receivable | P10,000 | |
| To Inventory/Sales | P10,000 | ||
| (Sold merchandise to MNO, P10,000. Terms: 10-day note.) | |||
| July 12 | GHI (Accounts Payable) | P7,500 | |
| To Bank | P7,350 | ||
| to DiscountReceived 2 % | P150 | ||
| (Issued a check to GHI in full payment of the account with them. Term 2/10) | |||
| July 13 | PQR (Account Receivable) | P30,000 | |
| To Inventory/Sales | P30,000 | ||
| (Sold merchandise to PQR, P30,000. Terms: 2/10, 1/15, n/30. FOB Shipping Point) | |||
| July 14 | Freight Outward | P300 | |
| To Cash | P300 | ||
| ( Paid the delivery of the above goods sold, P300.) | |||
| July 15 | Inventory/ Sales | P3,000 | |
| To PQR (Account Receivable) | P3,000 | ||
| ( Received defective goods from PQR, P 3,000.) | |||
| July 15 | Store Supplies | P1,500 | |
| To Cash | P1,500 | ||
| (Purchased store supplies for cash, P1,500.) | |||
| July 18 | DEF (Accounts Payable) | P6,500 | |
| To Cash | P6,500 | ||
| (Settled the account with DEF.CreditP 7500/- less Inventory Returned P1000) | |||
| July 18 | Inventory/ Purchases | P5,000 | |
| To Cash | P5,000 | ||
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Prepare
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