Journalize the entries PERPETUAL INVENTORY SYSTEM On December 1, 2020, Gonzales Merchandising was registered as a single

Journalize the entries

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PERPETUAL INVENTORY SYSTEM On December 1, 2020, Gonzales Merchandising was registered as a single proprietorship with the Department of Trade and Industry. For the month of December, the following transactions happened. 1 . Gonzales invested 450,000 to the business. Gonzales borrowed money from BDO, P 500,000 evidenced by a note. Paid 1 month rent worth 10,000. Bought office equipment for P100,000. 2 Bought merchandise on account from Ace Company, P250,000 terms 2/10, n/30, FOB Shipping point. The appropriate party paid the freight worth 10,000. Bought office supplies for cash, P10,000 4 5 Sold merchandise to Jack Company on account, P100,000, FOB Destination, terms 2/10, n/30. The cost of the merchandise sold was 80,000. Freight Cost amounted to 5,000. Purchased merchandise from Queen Company, P300,000, terms 1/10, n/30, FOB Shipping point. The cost of the merchandise is worth 240,000. Shipping cost is 3,000. Returned merchandise worth 50,000 to Ace Company. Paid advertising expense for the month, P5,000. 6 Received returned from Jack Company, P10,000. The cost of the merchandise is P8,000. Sold merchandise to Kings Company, P50,000, 1/10, n/30, terms, FOB Destination. The cost of the merchandise is P40,000. The cost of freight is 1,500. 11 Collected from Jack Company the full amount. Bought furniture and fixture worth 100,000. Gonzales paid 50,000 cash and signed the balance with a note. Paid Ace the full amount. 12 Received a return from Kings Company, P 5,000. The cost of the merchandise is P4,000. Bought merchandise on cash basis for P80,000. 14 15 Paid salaries of two employees, P15,000 Paid Queen Company half of the amount due. Discount is allowed for partial payment. Collected the full payment of Kings Company. 16 17 Received refund from a supplier on cash purchase of December 14, P10,000. 18 Bought merchandise from Pacific Company, P180,000. FOB Shipping point, terms 2/10, n/30. The appropriate party paid for the freight worth 1,800. Sold merchandise for cash P160,000. The cost of the merchandise sold was P100,000. Returned 20,000 worth of merchandise to Pacific Company. 26 28 Withdraw 100,000 cash from business. 29 Made cash refund to cash customers for defective merchandise, P10,000. The cost of the merchandise returned is 6,250. 30 Paid the following expenses: Advertising: P5,000; Utilities, P8,000 and salaries of 15,000. Paid the remaining balance of the furniture and fixture (Dec. 11 transaction) PERPETUAL INVENTORY SYSTEM On December 1, 2020, Gonzales Merchandising was registered as a single proprietorship with the Department of Trade and Industry. For the month of December, the following transactions happened. 1 . Gonzales invested 450,000 to the business. Gonzales borrowed money from BDO, P 500,000 evidenced by a note. Paid 1 month rent worth 10,000. Bought office equipment for P100,000. 2 Bought merchandise on account from Ace Company, P250,000 terms 2/10, n/30, FOB Shipping point. The appropriate party paid the freight worth 10,000. Bought office supplies for cash, P10,000 4 5 Sold merchandise to Jack Company on account, P100,000, FOB Destination, terms 2/10, n/30. The cost of the merchandise sold was 80,000. Freight Cost amounted to 5,000. Purchased merchandise from Queen Company, P300,000, terms 1/10, n/30, FOB Shipping point. The cost of the merchandise is worth 240,000. Shipping cost is 3,000. Returned merchandise worth 50,000 to Ace Company. Paid advertising expense for the month, P5,000. 6 Received returned from Jack Company, P10,000. The cost of the merchandise is P8,000. Sold merchandise to Kings Company, P50,000, 1/10, n/30, terms, FOB Destination. The cost of the merchandise is P40,000. The cost of freight is 1,500. 11 Collected from Jack Company the full amount. Bought furniture and fixture worth 100,000. Gonzales paid 50,000 cash and signed the balance with a note. Paid Ace the full amount. 12 Received a return from Kings Company, P 5,000. The cost of the merchandise is P4,000. Bought merchandise on cash basis for P80,000. 14 15 Paid salaries of two employees, P15,000 Paid Queen Company half of the amount due. Discount is allowed for partial payment. Collected the full payment of Kings Company. 16 17 Received refund from a supplier on cash purchase of December 14, P10,000. 18 Bought merchandise from Pacific Company, P180,000. FOB Shipping point, terms 2/10, n/30. The appropriate party paid for the freight worth 1,800. Sold merchandise for cash P160,000. The cost of the merchandise sold was P100,000. Returned 20,000 worth of merchandise to Pacific Company. 26 28 Withdraw 100,000 cash from business. 29 Made cash refund to cash customers for defective merchandise, P10,000. The cost of the merchandise returned is 6,250. 30 Paid the following expenses: Advertising: P5,000; Utilities, P8,000 and salaries of 15,000. Paid the remaining balance of the furniture and fixture (Dec. 11 transaction)

Answer rating: 100% (QA)

Date General Journal Debit Credit December 2020 P P 1 Cash 450000 Gonzalez Capital 450000 1 Cash 500000 Note Payable 500000 1 Rent Expense 10000 Cash ... View the full answer