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Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.

Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 34CE: Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler...
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Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.
Practice Transactions General Journal Oct Date Item Description Particulars P.R. Debit Credit 20- Source Document: Purchase Invoice For the following: 1 2 4 An advertisement placed in the local paper. 2 3 Amount: PHP 1,020.00 plus HST |Рayment: |Cash Tendered 6. 5 Source Document: Purchase Invoice For the following: Advance payment for a year's rental of the company's store retroactive to the 1st. Amount: PHP 800.00 plus HST Payment: Cash Tendered 10 10 11 11 12 12 6 Source Document: Sales Return Slip 13 13 For the following: Damaged merchandise was received from the customer. 14 14 Amount: PHP 820.00 plus HST 15 15 Payment: Credit Transaction NOTE: goods have already been paid for. 16 16 17 17 18 18 Source Document: Cheque Copy For the following: 7 19 19 Payment on account to Hong Kong Toy Suppliers Inc. 20 20 Amount: PHP 130.00 | 21 21 | Рayment: Cash Paid Out 22 22 2 /10, n/30 Terms we took: 23 23 24 24 Source Document: Memo from owner, J. Boulton 25 8 25 For the following: Owner withdrew pencils and erasers from the business to write her first novel. 26 26 Amount: PHP 260.00 plus HST 27 27 |Раyment: N/A 28 28 29 29 30 30 Source Document: Sales Invoice For the following: Goods purchased by Sarita Guardado. 31 31 32 32 Amount: PHP 7,300.00 plus HST 33 33 Payment: Cash Tendered 34 34 Terms we offered: 2 /10, n/30 35 35 36 36 10 Source Document: Vendor's Credit Memo For the following: Inventory damaged upon arrival from the vendor was returned. 37 10 37 38 38 Amount: PHP 295.00 plus HST 39 39 Payment: Credit Transaction NOTE: goods have not yet been paid for. 40 40 41 41
Transcribed Image Text:Practice Transactions General Journal Oct Date Item Description Particulars P.R. Debit Credit 20- Source Document: Purchase Invoice For the following: 1 2 4 An advertisement placed in the local paper. 2 3 Amount: PHP 1,020.00 plus HST |Рayment: |Cash Tendered 6. 5 Source Document: Purchase Invoice For the following: Advance payment for a year's rental of the company's store retroactive to the 1st. Amount: PHP 800.00 plus HST Payment: Cash Tendered 10 10 11 11 12 12 6 Source Document: Sales Return Slip 13 13 For the following: Damaged merchandise was received from the customer. 14 14 Amount: PHP 820.00 plus HST 15 15 Payment: Credit Transaction NOTE: goods have already been paid for. 16 16 17 17 18 18 Source Document: Cheque Copy For the following: 7 19 19 Payment on account to Hong Kong Toy Suppliers Inc. 20 20 Amount: PHP 130.00 | 21 21 | Рayment: Cash Paid Out 22 22 2 /10, n/30 Terms we took: 23 23 24 24 Source Document: Memo from owner, J. Boulton 25 8 25 For the following: Owner withdrew pencils and erasers from the business to write her first novel. 26 26 Amount: PHP 260.00 plus HST 27 27 |Раyment: N/A 28 28 29 29 30 30 Source Document: Sales Invoice For the following: Goods purchased by Sarita Guardado. 31 31 32 32 Amount: PHP 7,300.00 plus HST 33 33 Payment: Cash Tendered 34 34 Terms we offered: 2 /10, n/30 35 35 36 36 10 Source Document: Vendor's Credit Memo For the following: Inventory damaged upon arrival from the vendor was returned. 37 10 37 38 38 Amount: PHP 295.00 plus HST 39 39 Payment: Credit Transaction NOTE: goods have not yet been paid for. 40 40 41 41
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