journal entries

Collaborations Kate Spade Co. is a barrel bag retailer founded in January 2003 by Kate and Andy Spade. The Barrel Bag is a cylindrical bag with barrel-shaped compartments. Popular amongst athletes for their versatile carry options whether handheld or on the shoulder body. The Barrel Bag is typically made with cloth like materials. The company uses the perpetual inventory system. The account balances for Kate Spade Co. as of December 1, 2020, are as follows: 110 Cash 111 Notes Receivable 112 113 60,640 20,000 124,880 10,400 252,800 15,000 10,200 115 116 117 123 417.200 50.400 124 210 73,800 211 219 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Salaries Payable Income Tax Payable Share Capital Retained Earnings Dividends Income Summary Sales Sales Returns and Allowances Sales Discounts Cost of Merchandise Sold 310 400.000 67.520 311 312 40.000 313 410 411 3,263,000 82.400 52.800 2,153,200 412 510 Camas Cool COMGOLOD CELE TROUND. Deprecated 210 Accounts Payable 73,800 211 Salaries Payable 219 Income Tax Payable 310 Share Capital 400.000 311 Retained Earnings 67.520 312 Dividends 40,000 313 Income Summary 410 Sales 3,263,000 411 Sales Retums and Allowances 82400 412 Sales Discounts 52,800 510 Cost of Merchandise Sold 2.153.200 511 Freight In 18,000 512 Purchase Discount Taken 14,800 520 Salaries Expense 379,600 521 Advertising Expense 72.000 522 Depreciation Expense 523 Store Supplies Expense 524 Provision for Doubtful Accounts 525 Rent Expense 74.400 526 Insurance Expense 15,600 529 Miscellaneous Expense 17.800 530 Provision for Income tax 74.400 611 Interest Revenue 1.000 The company records purchase of merchandise at gross of involce price. The company uses the average cost valuation method. During December, last month of calendar year, the following transactions were completed: Received P26,000 cash from JRP Trading Co. on account, no 01-Dec discount. Purchased 60 units of bag merchandise on account at P1,000 per 03-Dec unit from Angeles Alliance Co., terms 2/10,n/30, FOB shipping point. Paid transportation charges on purchase of December 3, P1,500, 04-Dec Issued check no. 10767. Freight In account is used to record inbound deliveries. Sold 80 units of merchandise on account to Island Haze, terms 2/10, 06-Dec n/30 FOB shipping point, at P1,200 for each bag. Determine cost of the merchandise sold using the company's valuation method. Purchased store supplies for P1,400 and issued check for payment Issued check no. 10768 10-Dec Sold 50 units of bag merchandise for cash at P1,480 for each bag. Paid for merchandise purchased on December 3, less discount. Issued 13-Dec check no 10769 for the amount paid. Purchase discount availed is recorded as a credit to Purchase Discount Taken Received 5 units of bag merchandise returned on sale of December 6, and credited to customer account. The receipt of bag was 14-Dec correspondingly updated to inventory subsidiary ledger. Determine cost of the merchandise returned. 15-Dec Paid rent for December, P8,000, issued check no. 10770 Received cash from sale of December 6, less return of December 14 16-Dec and discount Purchased 40 units of bag merchandise from Leatherware Co, for 18-Dec P41.600. Issued check no. 10771 for payment 07-Dec 15-Dec Paid rent for December, P8,000. Issued check no. 10770 Received cash from sale of December 6, less return of December 14 16-Dec and discount Purchased 40 units of bag merchandise from Leatherware Co, for 18-Dec P11,600. Issued check no. 10771 for payment Sold 80 bags to Hoodwink for P1,240 per bag Terms FOB 19-Dec Destination 3/15,1/45 Pald P23,800 to Bench on account, no discount, issued check no. 20-Dec 10772 Purchased 86 bags merchandise on account from Unison Pan Co. 21-Dec terms 1/10, 1/30, FOB destination, for P90,000 less trade discount of P2.280. Received P72,480 check payment from Simply Shoe Inc, on account. 22 Dec no discount Returned 4 pcs of damaged merchandise purchased on December 21, receiving credit from the seller. Refunded cash on 2 pes of sales returns previously sold for cash last 26-Dec December 10, P2,960. Issued check no 10773. Record the receipt and also the cost of the merchandise returned. Paid salaries of P 33,960, Issued check no. 10774 for encashment and release to each employees. Paid advertising expense to Jimin and Suga for December marketing campaign. Issued check no 10775 for P6,000. 30-Dec Received P 12,800 from Munsing Company on account, no discount. Paid for purchase of December 21, less return of December 24 and discount Issued check no. 10776 24-Dec 28-Dec 29-Dec 31-Dec Collaborations Kate Spade Co. is a barrel bag retailer founded in January 2003 by Kate and Andy Spade. The Barrel Bag is a cylindrical bag with barrel-shaped compartments. Popular amongst athletes for their versatile carry options whether handheld or on the shoulder body. The Barrel Bag is typically made with cloth like materials. The company uses the perpetual inventory system. The account balances for Kate Spade Co. as of December 1, 2020, are as follows: 110 Cash 111 Notes Receivable 112 113 60,640 20,000 124,880 10,400 252,800 15,000 10,200 115 116 117 123 417.200 50.400 124 210 73,800 211 219 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Salaries Payable Income Tax Payable Share Capital Retained Earnings Dividends Income Summary Sales Sales Returns and Allowances Sales Discounts Cost of Merchandise Sold 310 400.000 67.520 311 312 40.000 313 410 411 3,263,000 82.400 52.800 2,153,200 412 510 Camas Cool COMGOLOD CELE TROUND. Deprecated 210 Accounts Payable 73,800 211 Salaries Payable 219 Income Tax Payable 310 Share Capital 400.000 311 Retained Earnings 67.520 312 Dividends 40,000 313 Income Summary 410 Sales 3,263,000 411 Sales Retums and Allowances 82400 412 Sales Discounts 52,800 510 Cost of Merchandise Sold 2.153.200 511 Freight In 18,000 512 Purchase Discount Taken 14,800 520 Salaries Expense 379,600 521 Advertising Expense 72.000 522 Depreciation Expense 523 Store Supplies Expense 524 Provision for Doubtful Accounts 525 Rent Expense 74.400 526 Insurance Expense 15,600 529 Miscellaneous Expense 17.800 530 Provision for Income tax 74.400 611 Interest Revenue 1.000 The company records purchase of merchandise at gross of involce price. The company uses the average cost valuation method. During December, last month of calendar year, the following transactions were completed: Received P26,000 cash from JRP Trading Co. on account, no 01-Dec discount. Purchased 60 units of bag merchandise on account at P1,000 per 03-Dec unit from Angeles Alliance Co., terms 2/10,n/30, FOB shipping point. Paid transportation charges on purchase of December 3, P1,500, 04-Dec Issued check no. 10767. Freight In account is used to record inbound deliveries. Sold 80 units of merchandise on account to Island Haze, terms 2/10, 06-Dec n/30 FOB shipping point, at P1,200 for each bag. Determine cost of the merchandise sold using the company's valuation method. Purchased store supplies for P1,400 and issued check for payment Issued check no. 10768 10-Dec Sold 50 units of bag merchandise for cash at P1,480 for each bag. Paid for merchandise purchased on December 3, less discount. Issued 13-Dec check no 10769 for the amount paid. Purchase discount availed is recorded as a credit to Purchase Discount Taken Received 5 units of bag merchandise returned on sale of December 6, and credited to customer account. The receipt of bag was 14-Dec correspondingly updated to inventory subsidiary ledger. Determine cost of the merchandise returned. 15-Dec Paid rent for December, P8,000, issued check no. 10770 Received cash from sale of December 6, less return of December 14 16-Dec and discount Purchased 40 units of bag merchandise from Leatherware Co, for 18-Dec P41.600. Issued check no. 10771 for payment 07-Dec 15-Dec Paid rent for December, P8,000. Issued check no. 10770 Received cash from sale of December 6, less return of December 14 16-Dec and discount Purchased 40 units of bag merchandise from Leatherware Co, for 18-Dec P11,600. Issued check no. 10771 for payment Sold 80 bags to Hoodwink for P1,240 per bag Terms FOB 19-Dec Destination 3/15,1/45 Pald P23,800 to Bench on account, no discount, issued check no. 20-Dec 10772 Purchased 86 bags merchandise on account from Unison Pan Co. 21-Dec terms 1/10, 1/30, FOB destination, for P90,000 less trade discount of P2.280. Received P72,480 check payment from Simply Shoe Inc, on account. 22 Dec no discount Returned 4 pcs of damaged merchandise purchased on December 21, receiving credit from the seller. Refunded cash on 2 pes of sales returns previously sold for cash last 26-Dec December 10, P2,960. Issued check no 10773. Record the receipt and also the cost of the merchandise returned. Paid salaries of P 33,960, Issued check no. 10774 for encashment and release to each employees. Paid advertising expense to Jimin and Suga for December marketing campaign. Issued check no 10775 for P6,000. 30-Dec Received P 12,800 from Munsing Company on account, no discount. Paid for purchase of December 21, less return of December 24 and discount Issued check no. 10776 24-Dec 28-Dec 29-Dec 31-Dec