MUST BE USED PERIODIC INVENTORY SYSTEM
Assessment A Journalizing, Posting and Trial Balance Preparation Directions: Prepare the following requrements. Journalize the transactions in the General Journal provided below the problem. Post the T-accounts and prepare the Trial Balance in the space provided. The following were the narrative transactions of Louie's Commercial owned by Atty. Mark Lloyed L Dangase, CPA Requirements: : 1. Joumalize the transactions in a Joumal a 2. Make T-account for the following: - Cash in Bank Accounts Receivable Merchandise Inventory Accounts Payable M. Dangase, Capital Sales Sales Discounts Sales Returns & Allowances Purchases Purchase Discounts Purchase Returns & Allowances Freight-in Freight-out 3. Post directly to their respective T-accounts the analyzed transaction 4. Foot the T-account and prepare a Trial Balance. Opening Balance as of January 2020 Cash in Bank 950,000 Accounts Receivable 120,000 Merchandise Inventory 150,000 Accounts Payable 130,000 M. Dangase, Capital 1,090.000 Transactions Purchased merchandise on account from E Montero Marketing, P80,000. Term; 2/20, N/30. Date Jan. 1 2 Returned to E. Montero Marketing merchandise costing P2,000 due to bad order and was not replaced. Sold merchandise for cash to N. Bandialan Co. and gave 3% trade discount, P50,000. Paid freight on shipment, P380 3 Collected in full the amount of P120,000 less 2% discount on Jan. 1 2020 balance. Received form N Bandialan Co., P2,000 cost of merchandise returned due to some defects and no replacement has been made. 4 Sold merchandise on account to E. Jardinel Enterprises, P350,000 Term: 2/15, N30. Paid freight of P200. 5 - Paid our account less 2% discount, P130,000 on Jan 1, 2020 balance. 6 Returned merchandise costing P800 from E. Jardinel Enterprises due to damage in shipment and was not replaced. 7 Purchased merchandise on account from G. Albotera Trading, P80,000 Term: 3/10, N30 8 Purchase merchandise for cash from L Cacho Co., P40,000 and availed 3% trade discount. Paid P350 for freight and shipping expenses. 10 - Sold merchandise on account from L Ramos Enterprises, P100,000 Term: 3/15, N30 17 Paid in full the account of G. Albofera Trading net of discount 19 Paid in full the account with E. Montero Marketing net of purchase returns and discount Collected from E Jardinel Enterprises, P34,316 after deducting the sales returns and discounts 20 Purchased merchandise in cash from E. Sanchez Marketing, P65,000 and avail 7% trade discount. Returned to E. Sanchez Marketing merchandise costing P2,500 and was replaced. Paid freight of P150. (The only journal entry necessary the payment of freight) 21 22 - Sold merchandise on account from M. Ellevera Trading, P15,000. Term: 3/10, N30 - 24 Received P3,000 cost of merchandise returned by M. Ellevera Trading due to bad order and was replaced immediately. (No entry needed). 25 - Collected in full the account of L Ramos Enterprises on Jan 10. 27 - Sold merchandise for cash to W. Guillermo Store, P20,000 and was given 3% trade discount 30 - Purchase merchandise in cash from E. Pugoy Enterprises, P3,500 and availed 5% trade discount. Assessment A Journalizing, Posting and Trial Balance Preparation Directions: Prepare the following requrements. Journalize the transactions in the General Journal provided below the problem. Post the T-accounts and prepare the Trial Balance in the space provided. The following were the narrative transactions of Louie's Commercial owned by Atty. Mark Lloyed L Dangase, CPA Requirements: : 1. Joumalize the transactions in a Joumal a 2. Make T-account for the following: - Cash in Bank Accounts Receivable Merchandise Inventory Accounts Payable M. Dangase, Capital Sales Sales Discounts Sales Returns & Allowances Purchases Purchase Discounts Purchase Returns & Allowances Freight-in Freight-out 3. Post directly to their respective T-accounts the analyzed transaction 4. Foot the T-account and prepare a Trial Balance. Opening Balance as of January 2020 Cash in Bank 950,000 Accounts Receivable 120,000 Merchandise Inventory 150,000 Accounts Payable 130,000 M. Dangase, Capital 1,090.000 Transactions Purchased merchandise on account from E Montero Marketing, P80,000. Term; 2/20, N/30. Date Jan. 1 2 Returned to E. Montero Marketing merchandise costing P2,000 due to bad order and was not replaced. Sold merchandise for cash to N. Bandialan Co. and gave 3% trade discount, P50,000. Paid freight on shipment, P380 3 Collected in full the amount of P120,000 less 2% discount on Jan. 1 2020 balance. Received form N Bandialan Co., P2,000 cost of merchandise returned due to some defects and no replacement has been made. 4 Sold merchandise on account to E. Jardinel Enterprises, P350,000 Term: 2/15, N30. Paid freight of P200. 5 - Paid our account less 2% discount, P130,000 on Jan 1, 2020 balance. 6 Returned merchandise costing P800 from E. Jardinel Enterprises due to damage in shipment and was not replaced. 7 Purchased merchandise on account from G. Albotera Trading, P80,000 Term: 3/10, N30 8 Purchase merchandise for cash from L Cacho Co., P40,000 and availed 3% trade discount. Paid P350 for freight and shipping expenses. 10 - Sold merchandise on account from L Ramos Enterprises, P100,000 Term: 3/15, N30 17 Paid in full the account of G. Albofera Trading net of discount 19 Paid in full the account with E. Montero Marketing net of purchase returns and discount Collected from E Jardinel Enterprises, P34,316 after deducting the sales returns and discounts 20 Purchased merchandise in cash from E. Sanchez Marketing, P65,000 and avail 7% trade discount. Returned to E. Sanchez Marketing merchandise costing P2,500 and was replaced. Paid freight of P150. (The only journal entry necessary the payment of freight) 21 22 - Sold merchandise on account from M. Ellevera Trading, P15,000. Term: 3/10, N30 - 24 Received P3,000 cost of merchandise returned by M. Ellevera Trading due to bad order and was replaced immediately. (No entry needed). 25 - Collected in full the account of L Ramos Enterprises on Jan 10. 27 - Sold merchandise for cash to W. Guillermo Store, P20,000 and was given 3% trade discount 30 - Purchase merchandise in cash from E. Pugoy Enterprises, P3,500 and availed 5% trade discount
