Question: I need help , i dont know how to do it, i'm g11. use periodic perpetual inventory system. I. ACCOUNTING CYCLE. Based on the given
I need help , i dont know how to do it, i'm g11. use periodic perpetual inventory system.

I. ACCOUNTING CYCLE. Based on the given transactions and chart of accounts below, prepare the following: 1. Journal Entries 4. Financial Statements 2. Ledger 3) Statement of Cost of Goods Sold 3. Trial Balance b) Income Statement c) Statement of Changes in Equity d) Statement of Financial Position Transactions on December 2020: 1 Mr. Mike Pcblete invested P 500,000 cash to establish the MYX General Merchandise. 2 Purchased merchandise on credit from Vargas Online Shop, terms E10. N50, P180000 3 Sold merchandise on account P150000, FOB Destination, terms 2'10 nt30. The cost of merchandise sold is P140000 4 Bought equipment for the ofce business on cash. P?5000 5 Paid the freight charges on December 3 sale transaction, P5000 6 Received credit from Vargas Online Shop for merchandise returned. P20,000 9 Purchased supplies for cash, P3000 11 Paid and settled the accounts to Vargas Online Shop 12 Collected from December 3 customer 14 Bought merchandise to DDM Store and paid cash for P95000 15 Bought merchandise from Ravenclaw Distributor. lnc., FOB Shipping point, terms, 2110, n!30. P913000 1? Received refund from a DDM Store for the purchases in December 14, P5000 19 Sold merchandise for P180000 (cost of merchandise is P150000) 20 Paid freight cost on December 18 purchase, P6000 24 Paid Ravenclaw Distributors, Inc. on the December 13 purchase. 50% of its payable. (No discount allowed on partial payment) 25 Purchased merchandise for cash, P90000 28 Made refund to cash customer for defective merchandise, P9000 29 Sold merchandise on account P130000, nt30 (cost of merchandise is P50000) 30 Mr. Mike withdrew from the business, P12.000 31 Paid the following: Advertising 9000: Utilities 8.500; Rent 10000: Salaries 15.000 31 The inventory count revealed P130000 worth of merchandise were still on hand. Chart of Accounts 110 Cash 412 Sale Discount 120 Accounts Receivable 510 Purchases 130 Merchandise Inventory 511 Purchase Returns & Allowances 140 Supplies 512 Purchase Discount 150 Equipment 513 Freight In 210 Accounts Payable 520 Advertising 310 Poblete, Capital 530 Freight Out 320 Poblete, Drawings 540 Rent Expense 41 0 Sales 550 Salaries 411 Sales Return 8: Allowances 560 Utilities
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