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    Group Quiz 1

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    Joselito Marane Jr.
    Panglao Commercial bought Php 100,000 of merchandise from Loboc Enterprises on credit with terms of 2/10, n/30. Panglao later returned Php 20,000 of merchandise and received a credit memo. Panglao then made a payment on the remaining balance.

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    Group Quiz 1

    Uploaded by

    Joselito Marane Jr.
    353 views3 pages
    Panglao Commercial bought Php 100,000 of merchandise from Loboc Enterprises on credit with terms of 2/10, n/30. Panglao later returned Php 20,000 of merchandise and received a credit memo. Panglao then made a payment on the remaining balance.

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    Panglao Commercial bought Php 100,000 of merchandise from Loboc Enterprises on credit with terms of 2/10, n/30. Panglao later returned Php 20,000 of merchandise and received a credit memo. Panglao then made a payment on the remaining balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    353 views3 pages

    Group Quiz 1

    Uploaded by

    Joselito Marane Jr.
    Panglao Commercial bought Php 100,000 of merchandise from Loboc Enterprises on credit with terms of 2/10, n/30. Panglao later returned Php 20,000 of merchandise and received a credit memo. Panglao then made a payment on the remaining balance.

    Copyright:

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

    On January 12, Panglao Commercial bought Merchandise from Loboc Enterprises on credit, Php

    100,000.00 Term: 2/10, n/30. Php 20,000.00 cost of merchandise was later returned and was not replaced.
    The credit memo was dated January 15. Payment was made on January 20.

    Required: Record the above transactions in both the books of the buyer and seller

    Books of Panglao Commercial Books of Loboc Enterprises


    Jan-01 Debit Credit Debit Credit

    Jan-15 Debit Credit Debit Credit

    Jan-20 Debit Credit Debit Credit


    The following were the transaction fo V. Ayuban Company for the month of March 2021.
    Mar-01 Mr. Ayuban made the following investments:
    Cash In Bank 300,000.00
    Furniture and Fixtures 150,000.00
    Mar-02 Paid business permits to the city governmentm, Php 2,400.00
    Mar-04 Bought office equipment on account from J. Constantino and issued a promissory note, Php 250,000
    Mar-05 Bought store suplies inventory on account from J. Constantino amounting to Php 15,000
    Mar-08 Bought merchandise for cash Php 75,000
    Mar-10 Sold Merchandise for cash Php 10,000
    Mar-11 Bought merchandise on account from R. Ybanez Trading, Php 25,000 Term: 2/10, n/30
    Mar-15 Sold merchandise on account to P. Pedrono Co., Php 15,000 term: 3/10, N/30
    Mar-17 Bought merchandise for cash Php 60,000 and paid freight of Php 1,000
    Mar-19 Sold Merchandise for cash Php 20,000 and paid freight of Php 1,500
    Mar-20 Paid the on March 11 net of 3% discount.
    Mar-23 Paid rental for the month, Php 10,000
    Mar-24 Collected account on March 15 net of 3% discount.
    Mar-26 Bought merchandise on account from C. Poyot CO., Php 15,000. Paid Freight of Php 800.
    Mar-27 Bought merchandise on account from S Jabalon Co., Php 20,000 and was given a 5% trade discount, Term 2/10, N/3
    Mar-28 Sold merchandise for cash, Php 8,000 and gave a 2% trade discount.
    Mar-29 Paid light and water bills (utilities expense), Php 4,000.
    Mar-29 Paid advertising expense Php 2, 500.
    Mar-30 Sold merchandise on account to P. Peras Co., Php 30,000 and gave a 5% trade discount.
    Mar-31 Paid Salaries of Php 20,000 for the month of March.

    Required: Prepare the journal entries for all of the above.


    note, Php 250,000

    % trade discount, Term 2/10, N/30

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