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    Accounting Problem 16

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    sabbyvera
    The Leopoldo Valdez School Chairs had beginning inventory on January 1, 2017 of P1,200,000. Purchases for the year totaled P4,

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Accounting Problem 16

    Uploaded by

    sabbyvera
    291 views1 page
    The Leopoldo Valdez School Chairs had beginning inventory on January 1, 2017 of P1,200,000. Purchases for the year totaled P4,

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    accounting problem 16

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    The Leopoldo Valdez School Chairs had beginning inventory on January 1, 2017 of P1,200,000. Purchases for the year totaled P4,

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    291 views1 page

    Accounting Problem 16

    Uploaded by

    sabbyvera
    The Leopoldo Valdez School Chairs had beginning inventory on January 1, 2017 of P1,200,000. Purchases for the year totaled P4,

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    PROBLEM 1

    Agnes Ramos Distributors and Eva Cammayo Retailers engaged in the following transactions during the
    month of May 2017:

    May 4 Ramos sold merchandise on account to Cammayo, P 162,000. Terms: FOB Destination;
    2/10, n/30. Freight charges amounted to P 2,000

    5 Ramos sold merchandise on account to Cammayo, P 710,000. Terms: FOB shipping


    point; 2/10, n/30. Freight charges amounted to P 8,000.

    6 Cammayo paid freight charges on the purchase of May 5.

    7 Ramos received returned merchandise from Cammayo in the amount of P 12,000 from
    the May 4 sale.

    9 Ramos received payment from Cammayo for the May 4 transactions.

    10 Ramos paid the transportation charges on the May 4 shipment.

    12 Ramos received payment from Cammayo for the May 5 transaction.

    18 Ramos sold merchandise on account to Cammayo, P 250,000. Terms: 40% trade


    discount; FOB shipping point; 2/10, n/30.

    21 Cammayo paid freight charges on the May 18 transaction, P 3,000.

    23 Ramos received payment from Cammayo for the amount due from the transaction of
    May 18.

    Required:

    1. Prepare the journal entries for Ramos Distributors.


    2. Prepare the journal entries for Cammayo Retailers.

    PROBLEM 2

    The following information pertains to the Leopoldo Valdez School Chairs:

    Transportation in P 172,000
    Merchandise Inventory, 01/01/2017 1,200,000
    Merchandise Inventory, 12/31/2017 1,900,000
    Purchases 4,300,000
    Purchase Returns and Allowances 129,000
    Purchase Discounts 215,000
    Required:

    Prepare the Cost of Goods Sold section of the Income Statement for the year ended Dec. 31, 2017.

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