Test I. The following transactions occurred during the month of January 2021. EX. Purchase machinery P50,000,...

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Test I. The following transactions occurred during the month of January 2021. EX. Purchase machinery P50,000, 50% downpayment, the balance on account. Jan 1 Juan Makisig invested Cash P150,000, Equipment of P140,000, and office supplies of P23,000 in Jk Merchandising. 5 Purchased merchandise from HTI P P150,000, 20% downpayment and the balance issued a note 6 Purchase office supplies from RTL P 130,000, paying P30,000 as downayment, the balane 2/10, n/30 9 Sold merchandise to KLM P 145,000 terms 10% downpayement, the balance 3/5, n/20. 11 Pay HTI in full. 13 Received from KLM in full. 15 Pay PLDT bills P6,000 and Meralco for P5,000. 18 Pay the employees salaries P115,000. 20 Purchase merchandise P130,000, including P2,000 freight from Kingly terms 2/10, /30. 23 Pay RTL in full. 25 Sold merchandise to Jinly P120,000 terms 3/5. 26 Returned to Kingly P10,000 worth of defective merchandise. 29 Jinly returned P3,000 worth of defective merchandise. 30 Pay Kingly I full. 30 Collected from Jinly in full. 30 Sold old equipment for P20,000. Required: Journalize the above transactions. Test I. The following transactions occurred during the month of January 2021. EX. Purchase machinery P50,000, 50% downpayment, the balance on account. Jan 1 Juan Makisig invested Cash P150,000, Equipment of P140,000, and office supplies of P23,000 in Jk Merchandising. 5 Purchased merchandise from HTI P P150,000, 20% downpayment and the balance issued a note 6 Purchase office supplies from RTL P 130,000, paying P30,000 as downayment, the balane 2/10, n/30 9 Sold merchandise to KLM P 145,000 terms 10% downpayement, the balance 3/5, n/20. 11 Pay HTI in full. 13 Received from KLM in full. 15 Pay PLDT bills P6,000 and Meralco for P5,000. 18 Pay the employees salaries P115,000. 20 Purchase merchandise P130,000, including P2,000 freight from Kingly terms 2/10, /30. 23 Pay RTL in full. 25 Sold merchandise to Jinly P120,000 terms 3/5. 26 Returned to Kingly P10,000 worth of defective merchandise. 29 Jinly returned P3,000 worth of defective merchandise. 30 Pay Kingly I full. 30 Collected from Jinly in full. 30 Sold old equipment for P20,000. Required: Journalize the above transactions.

Answer rating: 100% (QA)

Jan 1 Cash 150000 Equipment 140000 Office Supplies 23000 Notes Payable 313000 ... View the full answer