Journal entries using (a) Periodic system and (b) Perpetual system. The following selected transactions took place in the second month of the current year of operating your ABM Mini Grocery: Feb 1 Purchased goods for ₱10,000 on cash. 2 Purchased equipment on credit, ₱6,000. 3 Sold goods to various cash customers, ₱5,000. 4 Sold goods to various customers for ₱10,000. Terms:2/10, n/30. 5 Paid the freight on goods sold above, ₱400. 6 Purchased goods for ₱15,000. Terms:2/10,1/15,n/30. 7 Paid the freight on merchandise purchased for ₱500. 8 Received defective goods from cash customers for ₱800. 9 Collected the accounts due from customers. 10 Returned ₱1,200 defective goods purchased on February 1.
Journal entries using (a) Periodic system and (b) Perpetual system. The following selected transactions took place in the second month of the current year of operating your ABM Mini Grocery: Feb 1 Purchased goods for ₱10,000 on cash. 2 Purchased equipment on credit, ₱6,000. 3 Sold goods to various cash customers, ₱5,000. 4 Sold goods to various customers for ₱10,000. Terms:2/10, n/30. 5 Paid the freight on goods sold above, ₱400. 6 Purchased goods for ₱15,000. Terms:2/10,1/15,n/30. 7 Paid the freight on merchandise purchased for ₱500. 8 Received defective goods from cash customers for ₱800. 9 Collected the accounts due from customers. 10 Returned ₱1,200 defective goods purchased on February 1.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 16EA: Record journal entries for the following purchase transactions of Flower Company. A. On October 13,...
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Feb 1 Purchased goods for ₱10,000 on cash.
2 Purchased equipment on credit, ₱6,000.
3 Sold goods to various cash customers, ₱5,000.
4 Sold goods to various customers for ₱10,000. Terms:2/10, n/30.
5 Paid the freight on goods sold above, ₱400.
6 Purchased goods for ₱15,000. Terms:2/10,1/15,n/30.
7 Paid the freight on merchandise purchased for ₱500.
8 Received defective goods from cash customers for ₱800.
9 Collected the accounts due from customers.
10 Returned ₱1,200 defective goods purchased on February 1.
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