At the beginning of January 2020, the ledger of Powermix Company showed Cash of P750,000 and...

 

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At the beginning of January 2020, the ledger of Powermix Company showed Cash of P750,000 and R. Manalo Capital of P750,000. Powermix completed the following transactions in the month of January: January 3 3 5 9 10 11 12 15 17 19 24 25 27 29 31 Required: Purchased merchandise on account from Dello Company, P84,800, terms 2/10, n/30. Sold merchandise on account to Copper Company P75,600, terms FOB Destination freight collect, P2,500. Credit terms 2/10, n/30. Received credit memo from Dello Company for merchandise returned, P3,300. Collected in full the account of Copper Company. Paid Dello Company in full. Purchased supplies for cash, P13,500. Purchased merchandise for cash, P42,000. Received refund for poor quality merchandise from supplier on cash purchases, P3,600. Purchased merchandise from Hardrock Company PP40,200, FOB shipping point, terms 2/15, n/30. Paid freight on January 17 purchases, P3,750. Sold merchandise for cash P69,500. Purchased merchandise from Holcim Inc., P16,800, FOB destination, terms 2/10, n/30. Paid Hardrock Company in full. Made refund to cash customer for defective merchandise, P1,800. Sold merchandise on account, P26,880, term n/30. 1. Journalize the transactions. Use Periodic Method. 2. Enter the beginning cash and capital balances and post the transactions in a T account. 3. Determine the ending balances of the accounts and prepare a Trial Balance at January 31, 2020. At the beginning of January 2020, the ledger of Powermix Company showed Cash of P750,000 and R. Manalo Capital of P750,000. Powermix completed the following transactions in the month of January: January 3 3 5 9 10 11 12 15 17 19 24 25 27 29 31 Required: Purchased merchandise on account from Dello Company, P84,800, terms 2/10, n/30. Sold merchandise on account to Copper Company P75,600, terms FOB Destination freight collect, P2,500. Credit terms 2/10, n/30. Received credit memo from Dello Company for merchandise returned, P3,300. Collected in full the account of Copper Company. Paid Dello Company in full. Purchased supplies for cash, P13,500. Purchased merchandise for cash, P42,000. Received refund for poor quality merchandise from supplier on cash purchases, P3,600. Purchased merchandise from Hardrock Company PP40,200, FOB shipping point, terms 2/15, n/30. Paid freight on January 17 purchases, P3,750. Sold merchandise for cash P69,500. Purchased merchandise from Holcim Inc., P16,800, FOB destination, terms 2/10, n/30. Paid Hardrock Company in full. Made refund to cash customer for defective merchandise, P1,800. Sold merchandise on account, P26,880, term n/30. 1. Journalize the transactions. Use Periodic Method. 2. Enter the beginning cash and capital balances and post the transactions in a T account. 3. Determine the ending balances of the accounts and prepare a Trial Balance at January 31, 2020.

Answer rating: 100% (QA)

1 Journalizing the transactions plaintext Jan 3 Merchandise Inventory 84800 Accounts Payable 84800 Purchased merchandise on account from Dello Company ... View the full answer