JOURNALIZING OF TRANSACTIONS. ( 10 x 3 points = 30 POINTS) Determine the appropriate journal entries for each of the following independent transactions.

1.Record freight paid in cash equivalent to 10% of sales Goods sold amounted to P210,000

Terms: F.O.B. Shipping point, freight prepaid

2.Collected from account customer 2/3 of his account. The customers account has an

ending balance after collection of P50,000

3.Collections from customer in the amount of

7,000 which was deposited with the bank.

4.Paid by check freight worth 15% of bought goods. Purchases was worth P250,000.

Terms: FOB Destination.

5.Record provision of uncollectible accounts which is 1% of Net Sales. Sales amounts to

P25,000. Purchase discounts of P5,000

6.Paid by check freight worth 3% of sold goods. Sales amounted to P50,000.00

Terms: FOB shipping point

7.The supplier granted a 12% reduction of price due to defective merchandise. The cost of the purchases was P30,000.

8.A document which indicates 20% cost of Freight is based on purchased cost was seen

by the bookkeeper. The cost of Purchasewas P100,000.00. FOB Destination.

Terms: FOB Destination

9.Purchased merchandise on account with a tag price of P50,000. Terms: 15, 10, 5,

10/15, 5/20, 2/30, n/60.

10.A document which indicates 30% cost of freight was based on sales was discovered

by accident by the bookkeeper. The sales amounted to P100,000., terms: FOB Seller's Office.

CHOICES :

Accounts payable, Accounts receivable, Accrued rent payable, Accum-depn. Store equipt., Allowance for bad debts, Bad debts expense, Capital, Cash in bank, Cash on hand, Depreciation expense, Freight in, Freight out, Furnitures and fixtures, Purchase discounts, Purchase ret. and allow., Purchases, Rent expense, Salaries and wages, Sales, Sales discounts, Sales ret. and allow., Store equipment, None