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Journalizing Exercises

Exercises in journalizing for beginners

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ber ting
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489 views

Journalizing Exercises

Exercises in journalizing for beginners

Uploaded by

ber ting
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
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Case problem May | pba 14 15 16 v7 18 20 23 26 27 28 29 31 The business, PACIFIC ASIA DISTRIBUTORS was registered as isle proprictorship with the Department of Trade and Industry sinj 1 40,000. Charlie Reyes investe¢ Bought computer equipment for P11,000 cash ought merchandise on account from LOGWIN Supply Co,, 6,900, terms 2/10,0/30 Bought office supplies on cash basis for P800 Sold merchandise on account P16,200, FOB Destination, terms2/10,n/30 The cost of merchandise sold was P13,200 paid #200 freight on May 4 sale d credit from LOGWIN Supply Co for merchandise returned 300. Receive Paid LOGWIN. Collected from May 4 customers. Bought merchandise on cash basis for P15,400. Salaries paid P1,500 Borrowed money from BDO Bank, signed a promissory note for P13,000 Received refund from a supplier. 50 Bought merchandise from DEDON, P15,200, FOB Shipping point, terms 2/10,n/30. Paid freight on May 18 purchased, P700 Sold merchandise for 17,400.The merchandise sold had a cost of 11,500. Bought merchandise for cash, P13,300. Paid DEDON on the May 18 purchase, P10,000. No discount allowed on partia! payment. Charlie Reyes got cash from the business, P3,008. Made refund to cash customers for defective merchandise, 1,000. Sold merchandise on account, P14,700,n/30.Cost of the merchandise sold 1s 12,000. Paid the following: Advertising, P2,000; Utilities, 500; Rent P4,500, S: P2,500. alaries, VENUS WHOLESALE SUPPLY Chart of Accounts includes the following: No. 101 Cash, No. 112 Accounts receivable, No. 120 Merchandise Inventory, No. 126 Supplies, No. 155 Equipment, No. 201 Accounts Payable, No. 210 Notes Payable, No. 301 E. Montero Capital, No. 310 E. Montero Drawing, No. 401 Sales, No. 412 Sales Returns and Allowance, No. 420 Sales Discount, No. 522 Cost of Goods Sold No. 601 Advertising Expense, No. 644 Freight Out, No. 701 Salaries, No. 710 Rent Expense 720 Utilities, No. 800 Income Summary INSTRUCTIONS: Using the sheets provided, submit the following: 1. January 2017 Journal Entries 2. General Ledger Posting for the month 3. Trial Balance Financial Performance 4. Statement of Performance 5. Closing Entries 6. Post-Closing Trial Balance 7. Statement of Financial Position 8. Statement of Cash Flow 9. Statement of Changes In Equity PI SETA ENT IN: (\UMEN’ Venus Wholesale Supply completed the following merchandising transactions In the month of January 2017 as follows vant Jan Jan3 Jan§ Jan6 Jan6 Jan 10 Jan 11 Jan 11 Jan 13 Jan 14 Jan 15 Jan 15 Jan 16 Jan17 Jan 18 Jan 19 Jan 19 Jan 20 Mr. Edwin Montero, the owner started the Venus Wholesale Supply by investing 100,000 Purchased merchandise on account from Yale Enterprises 30,000 terms 2/10, 1/30 FOB Shipping point 2 Sold 15,000 worth of goods for cash. The cost of these goods was P 8,000 Sold 12,000 worth of goods on credit to Alpha Sales Inc. with credit terms, 2/10, 1/30 FOB Destination. The cost of these goods was P6,500 Paid 500 for the delivery of goods to Alpha Sales Inc. Received P1,200 credit memo from Yale Enterprises for the return of unsatisfactory goods. Purchase merchandise on cash, 25,000 Made a full payment to Yale Enterprises. Purchase supplies for cash, P2,000 Purchase merchandise for cash, P30,000 Made a sale to Lite Shipping for P24,000 with credit term 20, n/30 FOB Destination The goods cost 12,700. Receive payment from Alpha Sales regarding the January 5 sales. Paid salaries Of P6,500 Issued a credit memo for P1,000 to Lite- Shipping for the return of un satisfactory goods. The returned goods is valued PG00 and were returned to inventory Received refund for poor quality merchandise from cash purchase, P700 E. Montero withdraw cash from the business P12,000. Purchased office equipment for cash ® 15,000. Purchase merchandise from Kaunlaran Enterprises on account P16,000, credit terms 2/10, n/30 FOB Shipping Point The business made a loan at RCBC Savings Bank and issued promissory note in the amount of 50,000.

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