Journalize the transactions FUNABM2: Performance Task #2 Term 1, AY 2022-2023 Journalizing Merchandising Transactions (VAT) 2021 Oct.

Journalize the transactions
 

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FUNABM2: Performance Task #2 Term 1, AY 2022-2023 Journalizing Merchandising Transactions (VAT) 2021 Oct. 01 03 04 06 09 10 12 13 15 20 21 26 27 27 28 29 30 Jack Bravo, the owner of JB Merchandising, invested the following into the business: cash of P 600,000; merchandise worth P 80,000; and store furniture and fixtures with fair market value of P 90,000. Sold merchandise to A Company worth 50,000 plus VAT, on terms 20% down, balance, 1/10, n/30. Purchased store supplies from Red Company worth P 17,920 inclusive of VAT, COD. Paid freight for merchandise sold to A Company, P 1,400. Purchased merchandise from Brown Trading for P 78,400 inclusive of VAT, on terms 50% down, 2/EOM n/60. Paid freight for merchandise purchased from Brown Trading, P 2,200. Returned damaged merchandise worth P 2,800 inclusive of VAT to Brown Trading. Collected in full the account of A Company. Paid half of the balance due to Brown Trading. Purchased merchandise from Blue Corp. worth P 42,000 inclusive of VAT in exchange of a 8% 30-day note. Paid freight for the merchandise bought on October 21, P 1,080. Sold merchandise to B Store, P 60,000 less 20, plus VAT, on terms 1/10, n/30. Paid freight for merchandise sold on October 26, P 2,000. Received a debit memo from B Store for defective merchandise worth P 3,500 inclusive of VAT. Paid wages for the month, P 41,700. Paid rent for the month of October, P 18,000. Paid the remaining balance due to Brown Trading. REQUIRED: Journalize the transactions of JB Merchandising for the month of October 2021. FUNABM2: Performance Task #2 Term 1, AY 2022-2023 Journalizing Merchandising Transactions (VAT) 2021 Oct. 01 03 04 06 09 10 12 13 15 20 21 26 27 27 28 29 30 Jack Bravo, the owner of JB Merchandising, invested the following into the business: cash of P 600,000; merchandise worth P 80,000; and store furniture and fixtures with fair market value of P 90,000. Sold merchandise to A Company worth 50,000 plus VAT, on terms 20% down, balance, 1/10, n/30. Purchased store supplies from Red Company worth P 17,920 inclusive of VAT, COD. Paid freight for merchandise sold to A Company, P 1,400. Purchased merchandise from Brown Trading for P 78,400 inclusive of VAT, on terms 50% down, 2/EOM n/60. Paid freight for merchandise purchased from Brown Trading, P 2,200. Returned damaged merchandise worth P 2,800 inclusive of VAT to Brown Trading. Collected in full the account of A Company. Paid half of the balance due to Brown Trading. Purchased merchandise from Blue Corp. worth P 42,000 inclusive of VAT in exchange of a 8% 30-day note. Paid freight for the merchandise bought on October 21, P 1,080. Sold merchandise to B Store, P 60,000 less 20, plus VAT, on terms 1/10, n/30. Paid freight for merchandise sold on October 26, P 2,000. Received a debit memo from B Store for defective merchandise worth P 3,500 inclusive of VAT. Paid wages for the month, P 41,700. Paid rent for the month of October, P 18,000. Paid the remaining balance due to Brown Trading. REQUIRED: Journalize the transactions of JB Merchandising for the month of October 2021.

Answer rating: 100% (QA)

October 1 To record the owners investment Debit Cash P 600000 Debit Merchandise P 80000 Debit Store Furniture and Fixtures P 90000 Credit Owners Equity Jack Bravo Capital P 770000 Date Account Debit P ... View the full answer