Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Record the transactions in the cash receipts and cash payments journals. Foot and ty al re June 1 2 4 6 7 Problem #4 Recording
Record the transactions in the cash receipts and cash payments journals. Foot and ty al re June 1 2 4 6 7 Problem #4 Recording Transactions in the Cash Receipts and Cash Payments Journals The following cash transactions of the Papa Distributors occurred during the month of June 2020. The company uses cash receipts and cash payments journal. Borrowed P60,000 from the V. Espiritu Bank by issuing a 12%, 60-day note payable. Purchased merchandise, P47,000. Issued check no. 71. Sold merchandise, P62,000. Paid an invoice amounting to P28,000 to Y. Filamor Company less 2% discount. Issued check no. 72. Collected amount due less 3% discount on an invoice of P29,000 from D. Sandoval Company. 10 Collected amount due less 3% discount on an invoice of P22,000 from D. Mallari Supplies. 12 Paid freight charges on sales, P1,000. Issued check no. 73. Paid for advertising, P3,000. Issued check no. 74. 15 Paid salaries, P12,000. Issued check no. 75. 18 Sold merchandise, P33,000. 19 Paid an invoice amounting to P29,000 to the C. Gonzaga Company less 2% discount. Issued check no. 76. Collected P26,000 past due invoice from R. Reyes Company. Purchased merchandise, P9,000. Issued check no. 77. Paid past due invoice to D. Ramos, Inc., P32,000. Issued check no. 78. V. Abulencia, the owner, withdrew P30,000 from the business, issued 14 20 23 26 28 check no. 79. Renuired: Wwfoot the journals. and the Use 769; 13
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668f7711ca8f5_161668f7711547a9.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started