Marvin Co, a non-VAT soap distributor, started his business on August 1, 2018 with a cash...
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Marvin Co, a non-VAT soap distributor, started his business on August 1, 2018 with a cash investment of P300,000. The business engaged in the following transactions which you are to record using special journals. Start with OR 01, CRT, Vo 101, CM I, Inv 1001. Aug 3 Bought merchandise for cash from Rustic Company, P50,000 less 5% trade discount. 5 Bought equipment for office use from Olympia's, P80,000. Terms: 2/10, n/30. Invoice 82. 6 Cash purchases from Babyland P50,000. 7 Sold merchandise on account to Greenland, P30,000. Terms: 2/10, n/30 10 Purchased merchandise from Jasmin's, P15,000. Terms: 2/10, n/30. Invoice 123. 14 Cash sales, P80,000 including P50,000 credit card drafts. 17 Paid freight to Aboitiz on purchase shipments, P3,000. 18 Returned defective merchandise to Jasmin's, P1,000. DM 01 20 Sold merchandise on account to Oakland, P18,000. Terms: 2/10,n/30 21 Cash refund to customer for sales allowance, P2,000. 22 Paid Jasmin's in full of account. 25 Collected Oakland's account. 30 Paid for salaries P5,000 less required deductions. 31 Paid for 3% percentage tax based on net sales. SALES JOURNAL DATE DATE DATE CUSTOMER SUPPLIER INV. NO. F ACCTS CASH REC'VABLE SALES DEBIT INV. NO. PURCHASES JOURNAL MDSE INVTY DEBIT SALES DEBIT CREDIT GENERAL JOURNAL ACCOUNTS & EXPLANATION CASH PURCHASES F CREDIT DEBIT COST OF SALES (DR) MDSE INVTY (CR) ACCOUNTS PAYABLE CREDIT CREDIT Marvin Co, a non-VAT soap distributor, started his business on August 1, 2018 with a cash investment of P300,000. The business engaged in the following transactions which you are to record using special journals. Start with OR 01, CRT, Vo 101, CM I, Inv 1001. Aug 3 Bought merchandise for cash from Rustic Company, P50,000 less 5% trade discount. 5 Bought equipment for office use from Olympia's, P80,000. Terms: 2/10, n/30. Invoice 82. 6 Cash purchases from Babyland P50,000. 7 Sold merchandise on account to Greenland, P30,000. Terms: 2/10, n/30 10 Purchased merchandise from Jasmin's, P15,000. Terms: 2/10, n/30. Invoice 123. 14 Cash sales, P80,000 including P50,000 credit card drafts. 17 Paid freight to Aboitiz on purchase shipments, P3,000. 18 Returned defective merchandise to Jasmin's, P1,000. DM 01 20 Sold merchandise on account to Oakland, P18,000. Terms: 2/10,n/30 21 Cash refund to customer for sales allowance, P2,000. 22 Paid Jasmin's in full of account. 25 Collected Oakland's account. 30 Paid for salaries P5,000 less required deductions. 31 Paid for 3% percentage tax based on net sales. SALES JOURNAL DATE DATE DATE CUSTOMER SUPPLIER INV. NO. F ACCTS CASH REC'VABLE SALES DEBIT INV. NO. PURCHASES JOURNAL MDSE INVTY DEBIT SALES DEBIT CREDIT GENERAL JOURNAL ACCOUNTS & EXPLANATION CASH PURCHASES F CREDIT DEBIT COST OF SALES (DR) MDSE INVTY (CR) ACCOUNTS PAYABLE CREDIT CREDIT
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