III. PROBLEMS Compute for the missing amount in the blank. Show your computations in good form B D Net sales P100,000 ?4 200,000 240,000 Beginning inventory 15,000 12,000 27 30,000 Net purchases 55,000 25 125.000 95,000 Goods available for sale ?1 26 145,000 ?10 Ending inventory 10,000 25.000 28 ?11 Cost of Goods sold 22 40,000 29 ?12 Gross Profit 90,000 85,000 130,000 IV. JOURNAL ENTRIES Prepare the journal entries to record the following transactions of E-Computer Sales with supporting computations. E-Computer Sales Balance Sheet August 31, 20xx LIABILITIES AND OWNER'S ASSETS EQUITY Cash 950,000.00 Salaries Payable 18,000.00 Merchandise Unearned Rent Inventory 120,000.00 Income 30,000.00 Prepaid Insurance 24,000.00 Notes Payable 200,000.00 Land 350,000.00 Lopez, Capital 1,196,000.00 Total Assets 1,444,000.00 Total Liab and OE 1,444,000.00 (Computer Equipment, Transactions of the Months of September and October 20xx are as follows: Sept 1 Paid Salaries Payable for the month of August Sept. 2 Purchased merchandise priced at P47,000 on credit, terms 1/15, n/30, F.O.B., shipping point Sept. 3 Purchased a new computer for office use on credit for P100,000. Sept. 3 Sold merchandise on credit; terms 2/10, 1/30, n/30, n/60; P29,000. Sept. 4 Paid P2,250 cash for freight charges on the shipment of merchandise purchased on September 2. Sept. 8 Sold merchandise for cash, P4,700. Sept. 10 Purchased merchandise on credit; terms 2/15, n/30; P26,000 Sept. 12 Received a P4,000 credit memorandum for merchandise purchased on September 10 and returned for credit. Sept. 19 Sold merchandise on credit; term 2/10, n/30; P24,600. Sept. 22 Issued a P350 credit memorandum to customer who had returned a portion of the merchandise purchased on September 19. Sept. 23 Purchased office supplies on credit, P2,950. (use expense method) Sept. 24 Received a credit memorandum of P700 for unsatisfactory office supplies purchased on September 23 and returned for credit. Sept. 25 Paid for the merchandise purchased on September 10, less the return and the discount. Sept. 29 The customer who purchased merchandise on September 3 paid for the purchase of that date, less the appropriate discount. Sept. 29 Received payment for the merchandise sold on September 19, less the return and applicable discount. Sept. 30 Paid the merchandise purchased on September 2.Oct Oct Oct Oct Adjusnnents: 1 3 4 6 7 10 11 13 15 1'? 25 26 Bought goods on account P80.000 10%. 5%. 3f 10. 2115. U20. n80. Freight term FOB Shipping Point Freight Prepaid. P2.100. Paid the computer bought last Sept. 3 Returned goods from purchase last Oct], equivalent invoice price of the returned goods is P3 .450. Paid Salaries for the Month of September P25,00'0 and Meralco P1500. Sold goods P45.000 2'15. n80 FOB shipping point Freight prepaid P1300. Sold goods P60.000 \"20, N30 FOB destination freight collect P2300. Paid the goods purchased last Oct I Bought goods on account P65.000 with credit terms 2.!10. n80. FOB destination Freight collect P3200. Issue credit memo to cvstomer last Oct 7 . P1000. Collect payment from customer last Oct 10. Sold merchandise for cash, P130000. Lopez withdrew P10.000 cash from the business. 1. Unpaid Salaries for October is P15.000 2. MeraIco bill for October is P2500 3. The computer bought last September 2 is expected to he Used for 10 years with P10.000 salvage value. Depreciation is computed using Straight Line Method. 4. Insurance Premium covers the remaining 15 months. 5. The unearned rent was received August 31 which covers 5 months advance payment. 6. Interest rate related to P200,000 notes payable dated August 31 is 12%. 7. UnLIsed Office Supplies at the end of October is P900. 1. Journalize 2. Post 3. Worksheet 4. Income Statement 5. Statement of Changes in Equity 6. Balance Sheet