Marvin Co, a non-VAT soap distributor, started his business on August 1, 2018 with a cash...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Marvin Co, a non-VAT soap distributor, started his business on August 1, 2018 with a cash investment of P300,000. The business engaged in the following transactions which you are to record using special journals. Start with OR 01, CRT, Vo 101, CM I, Inv 1001. Aug 3 Bought merchandise for cash from Rustic Company, P50,000 less 5% trade discount. 5 Bought equipment for office use from Olympia's, P80,000. Terms: 2/10, n/30. Invoice 82. 6 Cash purchases from Babyland P50,000. 7 Sold merchandise on account to Greenland, P30,000. Terms: 2/10, n/30 10 Purchased merchandise from Jasmin's, P15,000. Terms: 2/10, n/30. Invoice 123. 14 Cash sales, P80,000 including P50,000 credit card drafts. 17 Paid freight to Aboitiz on purchase shipments, P3,000. 18 Returned defective merchandise to Jasmin's, P1,000. DM 01 20 Sold merchandise on account to Oakland, P18,000. Terms: 2/10,n/30 21 Cash refund to customer for sales allowance, P2,000. 22 Paid Jasmin's in full of account. 25 Collected Oakland's account. 30 Paid for salaries P5,000 less required deductions. 31 Paid for 3% percentage tax based on net sales. SALES JOURNAL DATE DATE DATE CUSTOMER SUPPLIER INV. NO. F ACCTS CASH REC'VABLE SALES DEBIT INV. NO. PURCHASES JOURNAL MDSE INVTY DEBIT SALES DEBIT CREDIT GENERAL JOURNAL ACCOUNTS & EXPLANATION CASH PURCHASES F CREDIT DEBIT COST OF SALES (DR) MDSE INVTY (CR) ACCOUNTS PAYABLE CREDIT CREDIT Marvin Co, a non-VAT soap distributor, started his business on August 1, 2018 with a cash investment of P300,000. The business engaged in the following transactions which you are to record using special journals. Start with OR 01, CRT, Vo 101, CM I, Inv 1001. Aug 3 Bought merchandise for cash from Rustic Company, P50,000 less 5% trade discount. 5 Bought equipment for office use from Olympia's, P80,000. Terms: 2/10, n/30. Invoice 82. 6 Cash purchases from Babyland P50,000. 7 Sold merchandise on account to Greenland, P30,000. Terms: 2/10, n/30 10 Purchased merchandise from Jasmin's, P15,000. Terms: 2/10, n/30. Invoice 123. 14 Cash sales, P80,000 including P50,000 credit card drafts. 17 Paid freight to Aboitiz on purchase shipments, P3,000. 18 Returned defective merchandise to Jasmin's, P1,000. DM 01 20 Sold merchandise on account to Oakland, P18,000. Terms: 2/10,n/30 21 Cash refund to customer for sales allowance, P2,000. 22 Paid Jasmin's in full of account. 25 Collected Oakland's account. 30 Paid for salaries P5,000 less required deductions. 31 Paid for 3% percentage tax based on net sales. SALES JOURNAL DATE DATE DATE CUSTOMER SUPPLIER INV. NO. F ACCTS CASH REC'VABLE SALES DEBIT INV. NO. PURCHASES JOURNAL MDSE INVTY DEBIT SALES DEBIT CREDIT GENERAL JOURNAL ACCOUNTS & EXPLANATION CASH PURCHASES F CREDIT DEBIT COST OF SALES (DR) MDSE INVTY (CR) ACCOUNTS PAYABLE CREDIT CREDIT
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The Byrd Corporation engaged in the following transactions at the beginning of 2007: 1. Purchased a Hogburger franchise for a five-year, $60,000, 10%-interest-bearing note. The franchise has an...
-
The Electric Company engaged in the following transactions during 2014. The beginning cash balance was $43,000 and ending cash balance was $48,600. 1. Sales on account were $274,000. The beginning...
-
A federal environmental agency engaged in the following transactions during a particular year. 1. Itbilledcorporationsforwhichitprovidedservices$160 million. Of this, it collected $140 million. 2. It...
-
The net present value and internal rate of return desirability measures for two mutually exclusive investments being considered by Stockton Corporation to follow. Year NPV IRR R 161 14.60% S 138...
-
Susan Meyer, owner/manager of Meyers Motor Court in Key West, is considering outsourcing the daily room cleanup for her motel to Duffys Maid Service. Susan rents an average of 50 rooms for each of...
-
The discussion following Equation (8.28) interprets the coefficient on interacted binary variables using the conditional mean zero assumption. This exercise shows that this interpretation also...
-
The state of a system is identified by its (a) Shape (b) Size (c) Properties (d) Surroundings.
-
Review the comprehensive Annual Financial Report (CAFR) that you have obtained. 1. How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so,...
-
When his income falls from $52,000 to $38,000, Victor increases his monthly purchase of Hamburger Helper from 8 boxes to 10 boxes. From the midpoint, Victor's income elasticity of demand for...
-
Your client purchased some last-minute materials for a job. They didn't have time to record the expense in QuickBooks Online, and now the corresponding payment has appeared in their bank feed. Can...
-
the impact of workplace bullying among employees. In your discussion explain the main factors that influence such an act and how can organisations deal with such behaviour.
-
A taxpayer makes the following acquisitions of preference shares in Muvex Ltd: No further shares are acquired during 2021 or 2022. How will the following disposals be matched against these...
-
Boardwalk Electronics manufactures 300,000 circuit boards per month. A random sample of 3,000 boards is inspected every week for five characteristics. During a recent week, three defects were found...
-
In September 2021 Kevin sells a drawing for 2,000. He bought the drawing in February 2015 for 50,000 when it was thought (incorrectly) to be by a famous artist. Compute the allowable loss.
-
Terry bought a house for 65,000 on 1 October 2001 and occupied the house as his principal private residence. He lived in the house until 1 October 2007 when he went to stay with relatives in...
-
In June 2019 Katie acquired a 5-year option to buy a piece of land. The option cost her 10,000. In June 2021 she sold the option for 8,000. Compute the chargeable gain.
-
Visit U.S.Securities and Exchange Commission and search for the name of your desired company selection. To find the most recent10-K document, select "Company Filings" on the sec.gov website, and type...
-
The column shown in the figure is fixed at the base and free at the upper end. A compressive load P acts at the top of the column with an eccentricity e from the axis of the column. Beginning with...
-
Chockpish Inc. (Chockpish) has provided you with the following list of transactions and economic events that involved its passive investment portfolio in 2018. For each of the items, prepare any...
-
Champlain Books Ltd. (Champlain) is a small independent book seller in a Canadian city. Book selling is a tough competitive business but Champlain has managed to succeed by providing good service,...
-
Classify the following transactions and economic events for Sayabec Ltd. as commitments, subsequent events, or contingent liabilities . Some may fit more than one classification. Indicate how each...
-
What are the key characteristics of a model that makes it easily testable?
-
List advantages of stable models.
-
What is the concept behind constructing an analysis pattern by using direct approach?
Study smarter with the SolutionInn App