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Exercise la. The following are the transactions of Alice Trading during the month of July, 2020: July 1 Alice began a general merchandising business by
Exercise la. The following are the transactions of Alice Trading during the month of July, 2020: July 1 Alice began a general merchandising business by investing P500,000 cash per OR#0001. 2 Purchased store equipment from Fely. Commercial, P50,000, term: 1/10, 1/30. 3 Paid rent for the store space to Nards, P10,000. Issued Check No. 2001. 6 Purchased merchandise from Rose Trading, P56,300, term: 1/15, 1/30. 7 Purchased merchandise for cash from Nora, P80,000. Issued Check No. 2002. 9 Received a credit memo for P4,300 for defective merchandise returned to Rose Trading 9 Sold merchandise to Gold, P15,000. Term: 2/10, 1/30, Invoice No.01. 10 Sold merchandise to Silver, P28,000. Term: 2/10, 1/30, Invoice No. 02. 11 Issued a credit memo to Silver for defective merchandise returned, P5,000. 16 Paid Fely Commercial in full. Issued Check No. 2003. 17 Collected the amount of Gold in full. Issued OR# 0002. 17 Sold merchandise to Diamond, P50,000. Term 2/10,n/30, Invoice No. 03. 19 Paid Rose Trading in full. Issued Check No. 2004. 20 Purchased merchandise from Fely Commercial, P24,000. Temm: 1/10, 1/30. 20 Collected the amount of Silver in full. Issued OR#0003 24 Received a credit memo for P4,000 from Fely Commercial for the allowance due to damages in merchandise 25 Cash sales, P100,000. Issued OR# 0004 27 Purchased merchandise from Rose Trading, P80,000. Term: 1/15, n/30. 30 Sold merchandise to Gold, P50,000. Term: 2/10,n/30, Invoice No. 04. 30 Received P20,000 from Diamond as partial payment of her account. Issued OR#0005 31 Paid the salaries of employees for the month, P30,000. Issued Check No.2005. 31 Paid utilities expense, P3,000. Issued Check No. 2006. No. O Req 1. Open ledger accounts by using the account numbers and account titles given below: Account Account Account Title Account Title No. Cash 11 Sales 41 Accounts Receivable 12 Sales Retums and Allowances 42 Office Supplies 15 Sales Discounts 43 Store Supplies 16 Purchases SI Store Furniture 17 Purchase Returns & Allow 52 Store Equipment 18 Purchase Discounts 53 Accounts Payable 21 Rent Expense 61 Alice, Capital 31 Salaries Expense Utilities Expense 63 2. Record the transactions in the appropriate journals 3. Post entries to the Accounts Receivable Ledger and the Account Payable Ledger immediately after the transaction. 4. Post entries to the general ledger. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and schedule of accounts payable as of July 31, 2020
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