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Post this in the ledger and make a trial balance Presented below are the transactions of XYZ Company, a merchandising business that is owned by
Post this in the ledger and make a trial balance
Presented below are the transactions of XYZ Company, a merchandising business that is owned by Mr. Peters for January 2018 Jan 2 Mr. Peters invested $800,000 cash in the business. 5 Purchased office supplies $30,500 cash. 6 Purchased merchandise from Twilight Trading $220,000. Terms: 20 % down, balance 2/10, n/30. 9 Sold merchandise to Jacob Store $100,000 on account. Terms, 1/20, n/30. 10 Purchased computer equipment $80,000 cash. 12 Paid rent for the month, $18,000. 14 Mr. Peters made additional investment of furniture and fixtures worth $60,000 into the business; sold merchandise to Mr. Andersons, $46,000 for cash. 15 Paid salaries of his three store managers, total of $24,000. 18 Paid Twilight Trading in full. 22 Mr. Peters withdrew cash of $10,000 for personal use. 23 Received cash for merchandise sold to Mr. Atkinson, P50,000. 25 Borrowed long-term loan of P200,000 from Philips Bank with due date of December 31, 2021 26 Purchased merchandise from Barns Company $240,000 on account. Terms: 2/10, 1/15, n/30. 29 Paid Barns Company in full; on the same day, received payment from Jacob Store. 30 Paid salaries from month-end, ,$24,000; paid utilities for the month, $6,000. 31 Depreciation expense for the month is $12,000. Additional information. The company is using periodic inventory system. The company is using gross price method in recording purchases and discounts. No need to consider the taxes (VAT) in purchases and sales
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