Question: Please help me answer my accounting activities ACTIVITY 8 PERFORMANCE TASK: Comprehensive problem. Leon Sports is the leading sports store in the region. Atthe beginning
Please help me answer my accounting activities
ACTIVITY 8 PERFORMANCE TASK: Comprehensive problem. Leon Sports is the leading sports store in the region. Atthe beginning of the month of November, the general ledger of Leon contained the following balances: Cash P 105,000.00 Prepaid Insurance 4,800.00 Inventory 50,000.00 Supplies 3,500.00 Prepaid Rent 30,000.00 Computer Equipment 30,000.00 Furniture and Fixtures 50,000.00 Accounts Receivable 15,000.00 Accounts Payable 199,500.00 Leon, Capital P 88.800.00 288,300.00 P 288,300.00 Transactions that occured during November are as follows: Nov 3 Purchased merchandise inventory on account from Jerleen Apparel. Total cost was P24,500. Terms: FOB Destination, 3/10, n/45. Nov 4 Paid Cubao Cargo, P4,000, for delivering merchandise last February 3. Nov 8 Full payment to Jerleen Apparel was made. Nov 14 Sold merchandise to Katniss worth P5,000 and were sold for P12,300. Cash was received upon payment. Nov 15 Purchased office supplies to Genesis amounting to P4,000 on credit. Nov 18 Sold merchandise to Primrose worth P10,000 and were sold P24,600. Terms: FOB Destination Point, Freight Collect for P1,200, 3/5, n/30. Nov 20 Soldinventory costing P10,000 to Haymitch on account. Mark-up on the inventory amounted to 75% of the cost of inventory sold. Terms: FOB Shipping Point, Freight Prepaid which was paid by Leon for P800, 5/5, n/30. Nov 22 25% of the merchandise sold last November 20 were defective. These were returned. Credit memo was issued by Leon. Nov 23 Received full payment in settlement of obligation incurred by Haymitch. Required: 1) Journalize the transactions in the General Journal by using Periodic and Perpetual Inventory System. 2) Record and post the following information for adjustments: a. Insurance coverage with premiums of P800 have accrued at month-end. b. Supplies on hand at month-end amounted to P2,500 c. Depreciation on the furnitures and on the equipment for the month amounted to P800 and P900, respectively. d. Salaries in the amount of P25,000 have accrued at month-end. e. Rent for the month amounting to P5,000 has already been used. f. A count of the merchandise inventory on November 30 amounted to P51,385 3) Prepare the worksheet for Periodic and Perpetual Inventory system. Post all journal entries in the General Ledger.* Where to answer? - Activity 3 to 7: Journal sheets - Activity 8: Journal sheets, General Ledger, Columnar Pad (14 columns)
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