Honest to Goodness Merchandising was registered as a Single Proprietorship by May Mendoza, the owner in...

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Honest to Goodness Merchandising was registered as a Single Proprietorship by May Mendoza, the owner in the Department of Trade and Industry. Selected transactions for the month of July, 2019 are presented below. Prepare the journal entries and post to ledger. Purchased merchandise to IMU Company on account, P28,900. Purchased supplies on cash P1,000. July 1 Mendoza invested cash in the business, P85,000. 2 Purchased equipment for cash, P5,000. 2 3 4 5 6 11 13. 14 15 16 17 18 20 23 26 27 28 29 30 30 Sold merchandise to EMS Company on account, P30,500. Paid freight or delivery charges, P300. Returned merchandise to IMU Company, P500. Full settlement of an account to IMU Company. Received full payment from EMS Company. Purchased merchandise from 888 Trading, P21,100. Paid monthly salaries of employees, P2,000. Borrowed money from Land Bank signed a promissory note for P30,000. Received a refund for the merchandise returned to 888 Trading, P900. Purchased merchandise to Robin Store on account, P23,000. Paid delivery charges on July 18 transaction, P900. Sold merchandise to Bean Co. for cash, P26,000. Purchased merchandise to Coco Co., 25,000. Partial payment to Robin Store, P8,000. Mendoza got cash from the business, P2,500. Received returned merchandise from Bean Co., P800. Sold merchandise to Kate Company, P26,400 on account. Paid the following expense: Advertising P1,000 Utilities Rent P650 P2,000 Salaries P2,000 Honest to Goodness Merchandising was registered as a Single Proprietorship by May Mendoza, the owner in the Department of Trade and Industry. Selected transactions for the month of July, 2019 are presented below. Prepare the journal entries and post to ledger. Purchased merchandise to IMU Company on account, P28,900. Purchased supplies on cash P1,000. July 1 Mendoza invested cash in the business, P85,000. 2 Purchased equipment for cash, P5,000. 2 3 4 5 6 11 13. 14 15 16 17 18 20 23 26 27 28 29 30 30 Sold merchandise to EMS Company on account, P30,500. Paid freight or delivery charges, P300. Returned merchandise to IMU Company, P500. Full settlement of an account to IMU Company. Received full payment from EMS Company. Purchased merchandise from 888 Trading, P21,100. Paid monthly salaries of employees, P2,000. Borrowed money from Land Bank signed a promissory note for P30,000. Received a refund for the merchandise returned to 888 Trading, P900. Purchased merchandise to Robin Store on account, P23,000. Paid delivery charges on July 18 transaction, P900. Sold merchandise to Bean Co. for cash, P26,000. Purchased merchandise to Coco Co., 25,000. Partial payment to Robin Store, P8,000. Mendoza got cash from the business, P2,500. Received returned merchandise from Bean Co., P800. Sold merchandise to Kate Company, P26,400 on account. Paid the following expense: Advertising P1,000 Utilities Rent P650 P2,000 Salaries P2,000

Answer rating: 100% (QA)

Answer Honest to Goodness Merchandising Journal Entries for July 2019 1 July 1 Cash Dr 85000 Capital Cr 85000 2 July 2 Equipment Dr 5000 Cash Cr 5000 ... View the full answer