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please answer thank youuu PERFORMANCE TASK Performance Task no. 1 - Below are the transaction of James Calma Merchandising Company for the first month of
please answer thank youuu
PERFORMANCE TASK Performance Task no. 1 - Below are the transaction of James Calma Merchandising Company for the first month of operation. March 1 Invested cash P 950,000 into the business to buy and sell various merchandise. She also invested computer equipment worth P 85,000 into the business. 3 Purchased on account merchandise, P 430,000 terms 5/10, n/30 FOB Shipping point. 4 Purchased Supplies P 5,000 on account 5 Sold for cash P 350,000 6 Returned P 75,000 worth of defective merchandise. 10 Sold on account, P 350,000 to customers with credit terms: 2/10, n/40 FOB Destination 10 Paid the freight charges on transaction made on MAr. 3, P 4,500 11 Paid in full the purchases made on Mar. 3 12 Made additional purchases for cash P 350,000 14 Borrowed from the bank P 1,250,000 and issued a 5-year promissory note. 15 Purchased computer equipment for cash P95,000 15 Paid salaries to employees - P 10,500 16 Refund P 50,000 to customers. 17 Sold merchandise for P 450,000. FOB Destination 20 Paid the freight charges on Mar 10 and 17-P 7,500 25 Purchased merchandise on account, P 220,000 terms 2/20, n/30 FOB Shipping Point 26 SoldMerchandise, P 450,000 terms 2/10, n/30 27 Owner got P 8,500 from the business. Paid the following: Rent - P 8,0000: Utilities - P 7,0000, Advertising - P5,000 and Salaries P 10,500 30 Merchandise inventory at the end amounts to P 150,000. 28 INSTRUCTIONS: 1. Prepare the necessary journal entries for the above transactions 2. Post the journal entries on the General Ledger 3. Prepare the Trial Balance 4. Use the following account titles for journal entries and financial statementsStep by Step Solution
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