During the month of February 2021, the following transactions occurred: Feb. 1 Collected P118,000 from customers...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During the month of February 2021, the following transactions occurred: Feb. 1 Collected P118,000 from customers on account 2 Paid P68,000 of accounts due less discounts of 2% 4 Purchased merchandise, P170,000. Terms: FOB shipping point; 2/10, n/30 5 Sold merchandise on account to Plato Company, P270,000. Terms: FOB shipping point; 3/10, n/30 Paid for advertising for the month of February, P6,800 Sold merchandise for cash, P258,000 Paid the amount due from the Feb. 4 transaction Paid Dagul freight P4,800 for delivering merchandise last Feb. 4 Received returns from the Plato Company, P70,800 Received payment from the Plato Company less returns and discounts Paid P26,800 interest on the mortgage payable Paid salaries, P51,700 7 7 8 9 10 12 4. 5. 14 15 16 18 19 20 Purchased P125,700 of merchandise from Shoppee Company on account. Terms: FOB destination; 2/10, n/30 Paid P7,700 miscellaneous expenses 222 Sold merchandise on account to Confucius Company, P392,700. Terms: FOB destination; 3/10, n/30 Paid P4,700 freight charges on the sale of Feb. 16 Acquired supplies for cash, P21,500 23 Received payment from Confucius Company less discounts 24 Purchased P378,000 of merchandise on account from Agosto Company. Terms: FOB shipping point; 4/10, n/302 24 Paid Palawan Express P8,000 freight for delivering merchandise acquired from Agosto 25 26 28 28 Sold merchandise to Confucius Company on account, P425,000. Terms: FOB shipping point; 1/10, n/30 Received returns from Confucius Company, P71,700 Buenaflor withdrew P280,000 from the business for personal use. Returned merchandise purchased from Agustin on Feb. 24, P25,000 Required: 1. Post the Feb.1, 2021 account balances to the T-accounts. 2. Record the transactions for the month of February in a journal and post the transactions to the T- accounts. 3. Prepare the adjusting entries using the following information: a. Salaries in the amount of P51,000 have accrued on Feb. 28. b. Insurance coverage with premiums of P2,000 has expired at month-end. c. Depreciation on the building and on the equipment for the month amounted to P9,000 and P12,000, respectively. d. Supplies on hand at month-end amounted to P14,800. e. A count of the merchandise inventory on Feb. 28, 2021 amounted to P398,000. Prepare the 10-column worksheet. Prepare an income statement and a statement of changes in equity for the month ended Feb. 28, 2021, and a balance sheet as at Feb. 28, 2021. During the month of February 2021, the following transactions occurred: Feb. 1 Collected P118,000 from customers on account 2 Paid P68,000 of accounts due less discounts of 2% 4 Purchased merchandise, P170,000. Terms: FOB shipping point; 2/10, n/30 5 Sold merchandise on account to Plato Company, P270,000. Terms: FOB shipping point; 3/10, n/30 Paid for advertising for the month of February, P6,800 Sold merchandise for cash, P258,000 Paid the amount due from the Feb. 4 transaction Paid Dagul freight P4,800 for delivering merchandise last Feb. 4 Received returns from the Plato Company, P70,800 Received payment from the Plato Company less returns and discounts Paid P26,800 interest on the mortgage payable Paid salaries, P51,700 7 7 8 9 10 12 4. 5. 14 15 16 18 19 20 Purchased P125,700 of merchandise from Shoppee Company on account. Terms: FOB destination; 2/10, n/30 Paid P7,700 miscellaneous expenses 222 Sold merchandise on account to Confucius Company, P392,700. Terms: FOB destination; 3/10, n/30 Paid P4,700 freight charges on the sale of Feb. 16 Acquired supplies for cash, P21,500 23 Received payment from Confucius Company less discounts 24 Purchased P378,000 of merchandise on account from Agosto Company. Terms: FOB shipping point; 4/10, n/302 24 Paid Palawan Express P8,000 freight for delivering merchandise acquired from Agosto 25 26 28 28 Sold merchandise to Confucius Company on account, P425,000. Terms: FOB shipping point; 1/10, n/30 Received returns from Confucius Company, P71,700 Buenaflor withdrew P280,000 from the business for personal use. Returned merchandise purchased from Agustin on Feb. 24, P25,000 Required: 1. Post the Feb.1, 2021 account balances to the T-accounts. 2. Record the transactions for the month of February in a journal and post the transactions to the T- accounts. 3. Prepare the adjusting entries using the following information: a. Salaries in the amount of P51,000 have accrued on Feb. 28. b. Insurance coverage with premiums of P2,000 has expired at month-end. c. Depreciation on the building and on the equipment for the month amounted to P9,000 and P12,000, respectively. d. Supplies on hand at month-end amounted to P14,800. e. A count of the merchandise inventory on Feb. 28, 2021 amounted to P398,000. Prepare the 10-column worksheet. Prepare an income statement and a statement of changes in equity for the month ended Feb. 28, 2021, and a balance sheet as at Feb. 28, 2021.
Expert Answer:
Answer rating: 100% (QA)
Here are the journal entries Taccounts adjusting entries worksheet and financial statements for the ... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
Journal Entries NEW Jan 1 Simon invested $60,000 cash into the business by purchasing capital stock at $10.00 par value. Jan 2 The Company borrowed $100,000 on a short-term 90 day, 12.0% note...
-
The Christy Corporation had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other information about specific...
-
Genevieve Shannara has always wanted to open her own kennel and grooming services; she had been grooming pets for friends and family from her apartment for extra cash since high school. When the...
-
Let F = [F] lb. a) Determine the force Fp acting at roller D. b) Determine the force FE acting at pin E. F 4 ft B 600 lb. ft -3 ft C -3 ft OD -2 ft- E
-
For the cylinder in Problem 33, find the minimum horizontal force F that will roll the cylinder over the step if the cylinder does not slide on the corner.
-
How do the weighted-average and FIFO methods of process costing calculate the costs of good units and spoilage?
-
Using an elementary mechanics of materials approach, find the micromechanics equation for predicting the minor Poisson's ratio, \(v_{21}\), for a unidirectional fiber composite in terms of the...
-
You are considering an investment in two projects, A and B. Both projects will cost $100,000, and the projected cash flows are as follows: a. Assuming that the WACC is 8%, calculate the payback...
-
HFA has two program departments, one for the treatment of ex - convicts who are drug users and the other for a job training program for ex - convicts. The treatment pro - gram hires 4 0 % of the...
-
A cascade system is composed of two ideal refrigeration cycles, as shown in Fig. 9.28. The high temperature cycle uses R-410a. Saturated liquid leaves the condenser at 40C, and saturated vapor leaves...
-
(a) Show that for an incident radiation intensity of Iph, i (energy per unit area irradiated is Iph, i) in a medium with an absorption coefficient Oph, the divergence (in one dimension, along x) of...
-
What are some examples of external reports?
-
Why should graphic outputs be used?
-
What are some of the examples of pictorial charts?
-
Why are printed reports needed in addition to the screen outputs?
-
What is the difference between tabular output and zoned output?
-
Windsor Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a cost of $16,000. It is estimated that this textbook will have a useful...
-
Identify one local business that uses a perpetual inventory system and another that uses a periodic system. Interview an individual in each organization who is familiar with the inventory system and...
-
Looking back over the last few years it is clear that Nicole Mackisey has accomplished a lot running her business Nicoles Getaway Spa (NGS). Nicole is curious about her companys performance as she...
-
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $ 22,000. The estimated useful life was five years and the residual value was $ 2,000. Assume that the...
-
Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $ 70,000 and Cost of Goods Sold of $ 420,000. a. Included in...
-
The hospital where you are completing your internship is located in an inner city neighborhood with a multi-lingual, diverse population. Recently, the local newspaper has been running a series about...
-
Over the past month, every member of the Intravenous (IV) Therapy Team has complained to you about the IV Team supervisor. Her direct reports, all RNs, agree that she is technically superb. However,...
-
What are the benefits of implementing programs to address cultural competence within a health care organization? What are the costs of not implementing such programs?
Study smarter with the SolutionInn App