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    Thor General Merchandise Problem

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    Edmundo Otañes Gasatan
    Thor General Merchandise's trial balance as of September 30, 2017 showed cash of P2,142,750, accounts receivable of P99,190, accounts payable of P885,450, and capital of P1,356,490. In October, the owner Malaya received an inheritance of P1,500,000 and invested 75% in the business. Various purchases and sales were made on account or cash. Expenses like salaries, utilities, and advertising were also paid. By the end of the period, merchandise inventory was P58,600.

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    Thor General Merchandise Problem

    Uploaded by

    Edmundo Otañes Gasatan
    792 views3 pages
    Thor General Merchandise's trial balance as of September 30, 2017 showed cash of P2,142,750, accounts receivable of P99,190, accounts payable of P885,450, and capital of P1,356,490. In October, the owner Malaya received an inheritance of P1,500,000 and invested 75% in the business. Various purchases and sales were made on account or cash. Expenses like salaries, utilities, and advertising were also paid. By the end of the period, merchandise inventory was P58,600.

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    Thor General Merchandise Problem (1)

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    Thor General Merchandise's trial balance as of September 30, 2017 showed cash of P2,142,750, accounts receivable of P99,190, accounts payable of P885,450, and capital of P1,356,490. In October, the owner Malaya received an inheritance of P1,500,000 and invested 75% in the business. Various purchases and sales were made on account or cash. Expenses like salaries, utilities, and advertising were also paid. By the end of the period, merchandise inventory was P58,600.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    792 views3 pages

    Thor General Merchandise Problem

    Uploaded by

    Edmundo Otañes Gasatan
    Thor General Merchandise's trial balance as of September 30, 2017 showed cash of P2,142,750, accounts receivable of P99,190, accounts payable of P885,450, and capital of P1,356,490. In October, the owner Malaya received an inheritance of P1,500,000 and invested 75% in the business. Various purchases and sales were made on account or cash. Expenses like salaries, utilities, and advertising were also paid. By the end of the period, merchandise inventory was P58,600.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    THOR GENERAL MERCHANDISE

    TRIAL BALANCE

    SEPTEMBER 30, 2017

    Account Title Debit Credit


    Cash 2,142,750
    Accounts Receivables 99,190
    Accounts Payable 885,450
    Thor, Capital 1,356,490
    Total P 2,241,940 P 2,241,940

    Mr. MALAYA owned a business named THOR GENERAL MERCHANDISE and had the following
    transactions for the month of October, 2017

    Oct. 1 Malaya Received an inheritance from DINA KULUNGAN worth 1,500,000 and invest 75% of
    which in the business.

    *Accounts Receivable 1,500,000


    Dina Kulungan, Capital 1,500,000

    Oct. 5 Purchased furniture and fixtures to be used for office use worth P 86,400 on account.

    *Furniture and Fixtures 86,400

    Accounts Payable 86,400

    Oct. 7 Purchased P 97, 000 worth of goods from REHAS Inc. on account, with terms4/10, 3/15, 2/25,
    n/30, and Paid Freight worth P 2,450.

    *Purchases 97,000

    Freight in Charges 2,450

    Accounts Payable 99,450

    Oct. 9 Sold goods to PRISON Management worth P 521,400. Terms 2/10, 1/20, n/30

    Accounts Receivables 521,400

    Sales 521,400

    Oct. 11 Prison founded out that P89,580 worth of goods bought from MALAYA were defective and
    returned it.

    Sales Return and Allowances 89,580

    AR 89,580

    ADDITIONAL INFO: Merchandise inventory at the end of the period is assumed to be amounted to P
    58,600
    Oct. 14 The said defective goods were received by MALAYA. The cost of which is P42,000 which he also
    returned to REHAS Inc.

    Accounts Payable 42,000

    Purchases Returns and Allowances 42,000

    Oct. 16 Paid the following expense: salaries- P41,300, Utilities-P63, 700 and Advertising P75,400

    Salaries and Wages 41,300

    Utilities Expense 63,700

    Advertising 75,400

    Accounts Payable 180,400

    Oct. 19 Sold Merchandise to TAKAS Management, P280,400 in cash.

    Cash 280,400

    Sales 280,400

    Oct. 19 Collected 45% from Prison’s account.

    Accounts Receivable 229,937.4

    Sales Discount 4,692.6

    Sales 234,630

    Oct.21 Purchased Merchandise worth P65, 800 in cash.

    Purchases 65,800

    Cash 65,800

    Oct. 21 Paid REHAS Inc. of its account.

    Oct. 23 Bought Office Supplies and used right away in cash, P 8,500

    Office Supplies 8,500

    Cash 8,500

    Oct. 24 Thor has taken P 25,445 in the business.

    Thor Capital 25,445

    Thor, Drawings 25,445

    Oct. 27 Purchased goods worth P 112, 200

    Purchases 112,200

    ADDITIONAL INFO: Merchandise inventory at the end of the period is assumed to be amounted to P
    58,600
    Accounts Payable 112,200

    Oct. 31 Sold goods to KULUNGAN notice that P27,900 of the said goods were defective and returned the
    items to THO

    Accounts Payable 27,900

    Purchases Returns and Allowances 27,900

    ADDITIONAL INFO: Merchandise inventory at the end of the period is assumed to be amounted to P
    58,600

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