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    Bhulero Merchandise Periodic 11 25

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    Mary Jane Palermo
    Mr. Bhulero opened a merchandising business called Bhulero Merchandise on August 1, 2015. Over the month, he purchased inventory on account and for cash, sold inventory to various customers some on account and some for cash, paid expenses, withdrew money for personal use, and made payments on accounts. He is required to complete the accounting cycle for the business using a periodic inventory system, which includes journalizing and posting transactions, preparing a trial balance, and potentially making adjustments. The full accounting cycle must be completed for the given business transactions during August 2015.

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    Bhulero Merchandise Periodic 11 25

    Uploaded by

    Mary Jane Palermo
    161 views10 pages
    Mr. Bhulero opened a merchandising business called Bhulero Merchandise on August 1, 2015. Over the month, he purchased inventory on account and for cash, sold inventory to various customers some on account and some for cash, paid expenses, withdrew money for personal use, and made payments on accounts. He is required to complete the accounting cycle for the business using a periodic inventory system, which includes journalizing and posting transactions, preparing a trial balance, and potentially making adjustments. The full accounting cycle must be completed for the given business transactions during August 2015.

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    Mr. Bhulero opened a merchandising business called Bhulero Merchandise on August 1, 2015. Over the month, he purchased inventory on account and for cash, sold inventory to various customers some on account and some for cash, paid expenses, withdrew money for personal use, and made payments on accounts. He is required to complete the accounting cycle for the business using a periodic inventory system, which includes journalizing and posting transactions, preparing a trial balance, and potentially making adjustments. The full accounting cycle must be completed for the given business transactions during August 2015.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    161 views10 pages

    Bhulero Merchandise Periodic 11 25

    Uploaded by

    Mary Jane Palermo
    Mr. Bhulero opened a merchandising business called Bhulero Merchandise on August 1, 2015. Over the month, he purchased inventory on account and for cash, sold inventory to various customers some on account and some for cash, paid expenses, withdrew money for personal use, and made payments on accounts. He is required to complete the accounting cycle for the business using a periodic inventory system, which includes journalizing and posting transactions, preparing a trial balance, and potentially making adjustments. The full accounting cycle must be completed for the given business transactions during August 2015.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    MERCHANDISING BUSINESS

    Bhulero Merchandise Periodic


    ASSIGNMENT #2
    see Required at the last slide
    Chart of Accounts
    100- 400-
    ASSETS REVENUE
    110Cash 410Sales
    120Accounts Receivable 420Sales Return and Allowances
    130Office Supplies 430Sale Discount
    150Office Equipment

    500-COST
    200- OF GOODS
    LIABILITIES SOLD
    210Notes Payable 510Purchase
    220Accounts Payable 520Freight-in
    530Purchase Return and allowances
    600 EXPENSES
    630Rent Expense
    300- OWNER`S
    EQUITY 640Interest Expense
    310B. Lero, Capital 650Freight-out
    320B. Lero, Drawing

    710Income and Loss Summary


    Mr. Bhulero, opened his
    merchandising business, Bhulero
    Merchandise on August 1, 2015.
    Prepare the complete accounting cycle
    using Periodic Inventory System.

     August 1: Mr. Bhulero invested cash,


    P 880,000 for his new business
    venture, Bhulero Merchandise.
     August 3: Bought Office equipment
    for P 50,000. Made a down payment
    of P 15,000 and issued a note for the
    balance.

     August 4: Acquired office supplies P


    7,180 on credit.
     August 5: Bought merchandise for
    resale from AA company P 95,000
    cash.
     August 6: Paid the freight cost for
    the purchases on Aug. 5 P 4000.
     August 8: Bought merchandise from PP
    Company for P 40,000. A down payment
    of 40% was made and the balance is on
    account with the term 2/10, 1/15, n/30.
     August 10: Paid the account due for the
    office supplies supplies purchased on
    Aug 4 P 4,100.
     August 12: Paid in partial for the notes
    on Aug 3 transactions P 18,000.
     August 13: Made partial payment to PP
    Company P 4,000.
     August 15: Returned some defective
    goods to AA Company and received a
    cash refund of P 5,100.
     August 16: Sold merchandise to
    customer X P 47,000. Terms 2% trade
    discount 1/15, n/30.
     August 18: Paid the delivery cost for
    the sales transaction on Aug 16 P 900.
     August 19: Sold merchandise to
    customer B P 25,000, made a down
    payment of P 3,000 and the balance
    on account with term 3/5, 2/10, n/30.
     August 21: Customer X returned some
    goods amounting P 1,200 with a cost of
    P700.
     August 22: Customer B made payments
    of P 5,400.
     August 23: The business made the
    following payments; salaries P3,800,
    utilities P 2,100, rent P 2,600 and
    interest P 750.
     August 24: Customer X paid the full
    balance for his accounts.
     August 25: Mr. Bhulero withdrew cash
    for personal use P 5,990.
     August 26: Customer B paid the full
    balance for his accounts net of
    returns.
     August 27: Bought merchandise from

    PP Company for P 125,000 on cash.


     August 28: Paid the freight cost for

    the purchases on Aug 27 P 2,500


     August 28: Sold the merchandise to

    customer C P 165,000, made a down


    payment of P 5,000 and the balance
    on account with term 3/5, 2/10,
    n/30.
     August 29: Bought merchandise
    from AA Company for P 95,000.
    A down payment of 10% was
    made and the balance is on
    account with the term 2/10,
    n/30.
     August 30: Sold merchandise on

    cash to customer K, P 175,000.


     August 31: Paid the freight cost

    of the sold merchandise on Aug.


    30 P 2,000.
    REQUIRED:
    1. JOURNAL ENTRIES
    2. POSTING
    GENERAL LEDGER – CASH only
    And the rest T ACCOUNTS
    3. TRIAL BALANCE

    NOTE: TRY TO JOURNALIZE, POST AND BALANCE


    THE GIVEN BUSINESS TRANSACTION, RIGHT OR WRONG OKS LANG,
    WE WILL CHECK YOUR ASSIGNMENT NEXT MEETING ONLINE.
    DEC 2 – I WILL DISCUSS ASSIGNMENT #1 & #2, BUT NOT TODAY.
    OK. TC

    BANKING & Finance Assignment#2 will be sent later this afternoon.

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