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    Acctg - MDSG - Zodiac

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    Hannah Mabatid
    Zodiac Trading is a merchandising business owned by Zoe. On July 1, 2015, Zoe invested cash of P500,000, merchandise worth P60,000, and store furniture and fixtures worth P100,000 to start the business. Throughout July, Zodiac Trading engaged in various business transactions including selling merchandise to customers on credit terms, purchasing supplies and inventory from vendors on different credit terms, and collecting and paying various accounts. The transactions need to be recorded through journal entries in the company's accounting records.

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    Acctg - MDSG - Zodiac

    Uploaded by

    Hannah Mabatid
    127 views1 page
    Zodiac Trading is a merchandising business owned by Zoe. On July 1, 2015, Zoe invested cash of P500,000, merchandise worth P60,000, and store furniture and fixtures worth P100,000 to start the business. Throughout July, Zodiac Trading engaged in various business transactions including selling merchandise to customers on credit terms, purchasing supplies and inventory from vendors on different credit terms, and collecting and paying various accounts. The transactions need to be recorded through journal entries in the company's accounting records.

    Original Title

    ACCTG.-MDSG.-ZODIAC

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    Zodiac Trading is a merchandising business owned by Zoe. On July 1, 2015, Zoe invested cash of P500,000, merchandise worth P60,000, and store furniture and fixtures worth P100,000 to start the business. Throughout July, Zodiac Trading engaged in various business transactions including selling merchandise to customers on credit terms, purchasing supplies and inventory from vendors on different credit terms, and collecting and paying various accounts. The transactions need to be recorded through journal entries in the company's accounting records.

    Copyright:

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

    Acctg - MDSG - Zodiac

    Uploaded by

    Hannah Mabatid
    Zodiac Trading is a merchandising business owned by Zoe. On July 1, 2015, Zoe invested cash of P500,000, merchandise worth P60,000, and store furniture and fixtures worth P100,000 to start the business. Throughout July, Zodiac Trading engaged in various business transactions including selling merchandise to customers on credit terms, purchasing supplies and inventory from vendors on different credit terms, and collecting and paying various accounts. The transactions need to be recorded through journal entries in the company's accounting records.

    Copyright:

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

    Illustrative Problem – Merchandising Business

    ACCOUNTING – ZODIAC TRADING (Ref. ABM 1 Book, pp.262, Ex: 9-15)

    ZODIAC TRADING
    Chart of Accounts

    001 Cash 045 Furniture & Fixtures 075 Sales


    011 Accounts Receivable 051 Notes Payable 081 Purchases
    021 Merchandise Inventory 061 Accounts Payable 082 Purchase Discount
    041 Office Supplies 071 Zoe, Capital

    Transactions:

    On July 1, 2015, Zoe, the owner, invested the following into the business: cash of P500,000; merchandise
    worth P60,000; and store furniture and fixtures with affair market value of P100,000.
    3 Sold to Ram merchandise worth P21,000 on terms: 10% down, balance 2/10, n/30.
    4 Purchased from Dragon office supplies worth P3,600 on terms: 2/5, n/20.
    9 Purchased from Ox merchandise for P42,000 on terms: 50% down, balance 2/EOM, n/60.
    21 Paid the account with Dragon in full.
    22 Purchased from Tiger merchandise worth P14,700 issuing a 10%, 20-day note.
    25 Collected in full the account of Ram.
    29 Paid in full the account with Ox.

    Required: Journalize the above transactions.

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