I need complete answer please Need your help ACTIVITY 2 Read carefully the given transactions Record the appropriate transaction in the General Journal using the correct format Below are the transactions of Randy Randolf Enterprises for the month of October 2021 October 1 Mr Randolf invested P350,000 cash October 5 Purchases from Big Dipper Merchants P35,000 merchandise Terms 3 10, n 20 October 6 Sold merchandise to Gemini Enterprises, P22,000 Terms 2 10, n 30 October 9 Purchased office supplies from Galaxy Co for cash, P8,500 through Check No 0031 October 11 Gemini Enterprises settled its account in full Issued OR 10241 October 16 Purchased merchandise from Polaris Trading, P44,000 Terms P18,000 down payment, balance on account Terms 2 10, n 30 Check No 0032 October 25 Purchased merchandise from Aurora Borealis Systems, P201,600 Terms 2 10, n 30 October 26 Sold to Virgo Enterprises P87,000 worth of merchandise Terms 2 10, n 30 October 30 Purchases from Meteor Trading P80,000 Terms 2 15, n 30 Procedures 1 Read and analyze the transactions carefully 2 Make a Journal Entry for each transactions 3 Prepare a General Journal 4 Identify appropriate transaction s that should be recorded in the general journal then fill out the columns properly ACTIVITY 2 Read carefully the given transactions Record the appropriate transaction in the General Journal using the correct format GENERAL JOURNAL Date Account Title and Explanation Ref DR CR Below are the transactions of Randy Randolf Enterprises for the month of October 2021 October 1 Mr Randolf invested P350,000 cash October 5 Purchases from Big Dipper Merchants P35,000 merchandise Terms 3 10, n 20 October 6 Sold merchandise to Gemini Enterprises, P22,000 Terms 2 10, n 30 October 9 Purchased office supplies from Galaxy Co for cash, P8,500 through Check No 0031 October 11 Gemini Enterprises settled its account in full Issued OR 10241 October 16 Purchased merchandise from Polaris Trading, P44,000 Terms P18,000 down payment, balance on account Terms 2 10, n 30 Check No 0032 October 25 Purchased merchandise from Aurora Borealis Systems, P201,600 Terms 2 10, n 30 October 26 Sold to Virgo Enterprises P87,000 worth of merchandise Terms 2 10, n 30 October 30 Purchases from Meteor Trading P80,000 Terms 2 15, n 30 Procedures 1 Read and analyze the transactions carefully 2 Make a Journal Entry for each transactions 3 Prepare a General Journal 4 Identify appropriate transaction s that should be recorded in the general journal then fill out the columns properly

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 17, 2024

I need complete answer please . Need your help. ACTIVITY 2 Read carefully the given transactions. Record the appropriate transaction in the General Journal using

I need complete answer please . Need your help.

ACTIVITY 2

Read carefully the given transactions. Record the appropriate transaction in the General Journal using the correct format.

Below are the transactions of Randy Randolf Enterprises for the month of October 2021.

October 1 Mr. Randolf invested P350,000 cash.

October 5 Purchases from Big Dipper Merchants P35,000 merchandise. Terms: 3/10, n/20.

October 6 Sold merchandise to Gemini Enterprises, P22,000. Terms: 2/10, n/30.

October 9 Purchased office supplies from Galaxy Co. for cash, P8,500 through Check No.

0031.

October 11 Gemini Enterprises settled its account in full. Issued OR#10241

October 16 Purchased merchandise from Polaris Trading, P44,000. Terms: P18,000 down payment, balance on account. Terms: 2/10, n/30. Check No. 0032.

October 25 Purchased merchandise from Aurora Borealis Systems, P201,600. Terms: 2/10, n/30.

October 26 Sold to Virgo Enterprises P87,000 worth of merchandise. Terms: 2/10, n/30.

October 30 Purchases from Meteor Trading P80,000. Terms: 2/15, n/30.

Procedures:

1. Read and analyze the transactions carefully.

2. Make a Journal Entry for each transactions.

3. Prepare a General Journal.

4. Identify appropriate transaction/s that should be recorded in the general journal then fill out the columns properly.

image text in transcribed

ACTIVITY 2 Read carefully the given transactions. Record the appropriate transaction in the General Journal using the correct format. GENERAL JOURNAL Date Account Title and Explanation Ref. DR CR Below are the transactions of Randy Randolf Enterprises for the month of October 2021. October 1 Mr. Randolf invested P350,000 cash. October 5 Purchases from Big Dipper Merchants P35,000 merchandise. Terms: 3/10, n/20. October 6 Sold merchandise to Gemini Enterprises, P22,000. Terms: 2/10, n/30. October 9 Purchased office supplies from Galaxy Co. for cash, P8,500 through Check No. 0031. October 11 Gemini Enterprises settled its account in full. Issued OR#10241 October 16 Purchased merchandise from Polaris Trading, P44,000. Terms: P18,000 down payment, balance on account. Terms: 2/10, n/30. Check No. 0032. October 25 Purchased merchandise from Aurora Borealis Systems, P201,600. Terms: 2/10, n/30. October 26 Sold to Virgo Enterprises P87,000 worth of merchandise. Terms: 2/10, n/30. October 30 Purchases from Meteor Trading P80,000. Terms: 2/15, n/30. Procedures: 1. Read and analyze the transactions carefully. 2. Make a Journal Entry for each transactions. 3. Prepare a General Journal. 4. Identify appropriate transaction/s that should be recorded in the general journal then fill out the columns properly