Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following selected transactions were completed by Lim Supply Co., during March of the current year: Mar 03 Purchased merchandise on account from Velcro Co., list price P30,000, trade discount 20%, 2/10, n/30, FOB Destination, Freight Prepaid, P500. Mar 04 Sold merchandise for cash, P10,200. The cost of the merchandise sold was P6,000. Mar 05 Purchased merchandise on account from Summit Co., P7,500, terms 2/10, n/30, FOB Shipping Point, Freight Collect, P200. Mar 06 Returned P4,000 of merchandise purchased on Mar 3 from Velcro Co. Mar 11 Sold merchandise on account to Bowles Co., list price P2,250, trade discount 20%, terms 1/10, n/30. FOB Destination, Freight Prepaid, P250. The cost of the merchandise sold was P1,050. Mar 13 Paid Velcro Co. on account for purchase of March 03. Mar 14 Sold merchandise on account to Hardigree Co., P4,200, terms 1/10, n/30. The cost of the merchandise sold was P1,850. Mar 19 Received cash on account from sale of March 11 to Bowles Co., Mar 20 Received merchandise returned by Hardigree Co. from sale on March 14, P1,100. The cost of the returned merchandise was P600. Mar 22 Paid Summit Co., on account for purchase of March 05. Mar 27 Received cash on account from sale of March 14 to Hardigree Co., Additional Information: Requirements: 1. Journalize the transactions Inventory, Beginning is P1,000 Inventory, End is P19,250.

The following selected transactions were completed by Lim Supply Co., during March of the current year: Mar 03 Purchased merchandise on account from Velcro Co., list price P30,000, trade discount 20%, 2/10, n/30, FOB Destination, Freight Prepaid, P500. Mar 04 Sold merchandise for cash, P10,200. The cost of the merchandise sold was P6,000. Mar 05 Purchased merchandise on account from Summit Co., P7,500, terms 2/10, n/30, FOB Shipping Point, Freight Collect, P200. Mar 06 Returned P4,000 of merchandise purchased on Mar 3 from Velcro Co. Mar 11 Sold merchandise on account to Bowles Co., list price P2,250, trade discount 20%, terms 1/10, n/30. FOB Destination, Freight Prepaid, P250. The cost of the merchandise sold was P1,050. Mar 13 Paid Velcro Co. on account for purchase of March 03. Mar 14 Sold merchandise on account to Hardigree Co., P4,200, terms 1/10, n/30. The cost of the merchandise sold was P1,850. Mar 19 Received cash on account from sale of March 11 to Bowles Co., Mar 20 Received merchandise returned by Hardigree Co. from sale on March 14, P1,100. The cost of the returned merchandise was P600. Mar 22 Paid Summit Co., on account for purchase of March 05. Mar 27 Received cash on account from sale of March 14 to Hardigree Co., Additional Information: Requirements: 1. Journalize the transactions Inventory, Beginning is P1,000 Inventory, End is P19,250.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
See similar textbooks
icon
Related questions
Question
Exercise 2. C. The following selected transactions were completed by Lim Supply Co., during March of the current year: Mar 03 Purchased merchandise on account from Velcro Co., list price P30,000, trade discount 20%, 2/10, n/30, FOB Destination, Freight Prepaid, P500. Mar 04 Sold merchandise for cash, P10,200. The cost of the merchandise sold was P6,000. Mar 05 Purchased merchandise on account from Summit Co., P7,500, terms 2/10, n/30, FOB Shipping Point, Freight Collect, P200. Mar 06 Returned P4,000 of merchandise purchased on Mar 3 from Velcro Co. Mar 11 Sold merchandise on account to Bowles Co., list price P2,250, trade discount 20%, terms 1/10, n/30. FOB Destination, Freight Prepaid, P250. The cost of the merchandise sold was P1,050. Mar 13 Paid Velcro Co. on account for purchase of March 03. Mar 14 Sold merchandise on account to Hardigree Co., P4,200, terms 1/10, n/30. The cost of the merchandise sold was P1,850. Mar 19 Received cash on account from sale of March 11 to Bowles Co., Mar 20 Received merchandise returned by Hardigree Co. from sale on March 14, P1,100. The cost of the returned merchandise was P600. Mar 22 Paid Summit Co., on account for purchase of March 05. Mar 27 Received cash on account from sale of March 14 to Hardigree Co., Additional Information: Requirements: 1. Journalize the transactions 2. Prepare a Statement of Comprehensive Income. 3. Prepare Closing Entries Using the following inventory systems: a. Periodic Inventory System Inventory, Beginning is P1,000 Inventory, End is P19,250.
Transcribed Image Text:Exercise 2. C. The following selected transactions were completed by Lim Supply Co., during March of the current year: Mar 03 Purchased merchandise on account from Velcro Co., list price P30,000, trade discount 20%, 2/10, n/30, FOB Destination, Freight Prepaid, P500. Mar 04 Sold merchandise for cash, P10,200. The cost of the merchandise sold was P6,000. Mar 05 Purchased merchandise on account from Summit Co., P7,500, terms 2/10, n/30, FOB Shipping Point, Freight Collect, P200. Mar 06 Returned P4,000 of merchandise purchased on Mar 3 from Velcro Co. Mar 11 Sold merchandise on account to Bowles Co., list price P2,250, trade discount 20%, terms 1/10, n/30. FOB Destination, Freight Prepaid, P250. The cost of the merchandise sold was P1,050. Mar 13 Paid Velcro Co. on account for purchase of March 03. Mar 14 Sold merchandise on account to Hardigree Co., P4,200, terms 1/10, n/30. The cost of the merchandise sold was P1,850. Mar 19 Received cash on account from sale of March 11 to Bowles Co., Mar 20 Received merchandise returned by Hardigree Co. from sale on March 14, P1,100. The cost of the returned merchandise was P600. Mar 22 Paid Summit Co., on account for purchase of March 05. Mar 27 Received cash on account from sale of March 14 to Hardigree Co., Additional Information: Requirements: 1. Journalize the transactions 2. Prepare a Statement of Comprehensive Income. 3. Prepare Closing Entries Using the following inventory systems: a. Periodic Inventory System Inventory, Beginning is P1,000 Inventory, End is P19,250.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS