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Merchandising Business: With A Cost of Goods Sold of 5,000 To MNO Company

The document describes various sales, purchase, cash receipt, cash disbursement, and general journal transactions for a merchandising and service business over the months of September and December. It provides details of sales and purchases on account or for cash, receipts of cash from customers, payments to suppliers and for expenses, and an entry for adjusting unearned revenue. The transactions include sales and purchases of various inventory items and services with different credit terms.

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Jasmine Aluciman
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68 views5 pages

Merchandising Business: With A Cost of Goods Sold of 5,000 To MNO Company

The document describes various sales, purchase, cash receipt, cash disbursement, and general journal transactions for a merchandising and service business over the months of September and December. It provides details of sales and purchases on account or for cash, receipts of cash from customers, payments to suppliers and for expenses, and an entry for adjusting unearned revenue. The transactions include sales and purchases of various inventory items and services with different credit terms.

Uploaded by

Jasmine Aluciman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Accounting for Special Transactions

MERCHANDISING BUSINESS
SALES JOURNAL TRANSACTION

Sept. 3 ABC Company sold ₱25,000 of merchandise inventory in terms of 1/15, n/30, FOB Destination
with a Cost of Goods Sold of ₱5,000 to MNO Company.

Sept. 5 ABC Company sold ₱50,000 of merchandise inventory in terms of 1/15, n/30, FOB Shipping point
with a Cost of Goods Sold of ₱10,000 to PQR Company.

Sept. 10 ABC Company sold merchandise inventory on credit of ₱2,000,000 and Cost of Goods Sold of
₱150,000 to REX Company.

Sept. 12 Sold 1500 T-shirts to XYZ Company for 500 each on credit.

Sept. 13 Jam Company sold 250 desktop computers for ₱20,000 each to a customer on credit. The credit
terms are n/15.

Sept. 14 A customer purchases 56 cellphones on credit for ₱15,000 on credit. The payment terms are
2/10, n/30.

Sept. 16 Sold ₱150,000 of merchandise inventory on credit, with terms 2/10, n/30.

Sept. 18 Sold ₱380,000 of merchandise inventory on credit, with terms 5/10, n/30.

Sept. 19 A customer purchases 60 iPads for ₱30,000 each.

Sept. 22 Sold 10 computers on credit for ₱14,500 per computer. Terms of the sale are 5/10, n/60.

PURCHASE JOURNAL TRANSACTION


Sept. 4 Purchased ₱100,000 of merchandise inventory, terms 2/15, n /30, FOB Destination from Gus
Grass.

Sept. 7 Purchased ₱50,000 of merchandise on account from Jas Company.

Sept. 8 Purchased ₱150,000 of merchandise on account, terms of 2/10, n/30 from Mark Company.

Sept. 9 Purchased ₱80,000 of merchandise on account, terms of n/30.

Sept. 11 Purchased ₱10,000 of merchandise on account from Ping Company.


Sept. 13 Purchased ₱5,000 of merchandise inventory, terms 1/15, n/30, FOB Shipping Point from Jin
Company.

Sept. 15 Purchased ₱5,000 of merchandise on account from Jane Company.

Sept. 17 Purchased ₱18,000 of merchandise inventory on account from Ginz Company.

Sept. 20 Purchased ₱15,000 of merchandise on account, terms of 3/10, n/30 from Rey Company.

Sept. 21 Purchased ₱250,000 of merchandise on account, terms of n/30.

CASH RECEIPTS JOURNAL


Sept. 2 Sold ₱150,000 of merchandise inventory for cash, FOB Shipping Point, with a cost of goods sold
of ₱10,000 to May Company.

Sept. 4 Sold ₱50,000 of merchandise inventory for cash sale to Jem Company.

Sept. 6 A customer purchases 50 cellphone for ₱13,000 each in cash sale to Jug Company.

Sept. 15 Received payment from MNO Company from September 5 sale less discount.

Sept. 17 Sold 30 of merchandise inventory on cash for ₱6,000 each to Kay Company.

Sept. 19 Received the customer payable of ₱150,000.

Sept. 24 Received a customer payment from the credit sale of ₱560,000.

Sept. 27 Sold ₱600,000 of merchandise inventory for cash with a cost of goods sold of ₱15,000 to Lay
Company.

Sept. 28 Sold ₱150,000 of merchandise inventory for cash to James Company.

Sept. 29 Sold 25 computers on cash for ₱15,000 each to Matt Company.

CASH DISBURSEMENT JOURNAL


Sept. 1 Paid the utility bill for ₱10,000.

Sept. 4 Paid shipping cost of ₱2,500 on merchandise sold on September 3.

Sept. 16 Paid for the September 15 purchase less the return and discount.

Sept. 18 Paid the rental fee for ₱25,000.

Sept. 20 Paid the Salary and wages of the worker for ₱150,000
Sept. 23 Paid for advertisement fee for ₱8,000.

Sept. 25 Purchase of ₱15,000 store equipment on cash.

Sept. 26 Payment for customer refund due to defects of ₱20,000.

Sept. 28 Paid for carriage fee of ₱2,000.

Sept. 30 Paid a ₱15,000 bill to creditors.

GENERAL JOURNAL TRANSACTION


Sept. 20 The equipment costing ₱80,000 has useful life of 5 years and its estimated salvage value is
₱14,000. Depreciation is provided using the straight line depreciation method.

SERVICE BUSINESS
SALES JOURNAL TRANACTIONS
Dec. 4 A customer was billed of ₱15,000 for the repair of Computer on account.

Dec. 5 A business provides web design services on account for ₱20,000.

Dec. 6 Jam Company provides services on account amounting to ₱250,000 to Jeg Company.

Dec. 8 A customer was billed of ₱10,000 for the internet repair on account.

Dec. 12 A business provides computer repairs on account amounting to ₱15,500 on account to Jim
Company.

Dec. 15 Tum Company provides electric service on account of ₱5,000 to Mung Company.

Dec. 17 A customer was billed of ₱6,000 for project design on account.

Dec. 20 Meg Company provides computer repair on account for ₱12,000.

Dec. 23 A business provides cellphone repair on account for ₱4,000.

Dec. 26 A business provides external design for computers on account amounting to ₱15,500 on
account to Jim Company.

PURCHASE JOURNAL TRANSACTIONS


Dec. 1 Purchase supplies on account for ₱15,000 with terms of 2/10, n/30.

Dec. 3 Purchase of materials amounting to ₱150,000 with tax liability of 2%.

Dec. 7 A business purchases insurance for ₱950 and is given credit terms from the supplier.
Dec. 9 A business purchases a rent on account for ₱5,000.

Dec. 11 Jam Company paid utility on account for ₱16,000.


Dec. 18 Lim Company paid insurance on account for ₱6,500.

Dec. 27 Purchase of supplies on account for ₱150,000.

Dec. 29 A business paid the insurance on account for ₱3,000.

Dec. 30 Jim Company purchases supplies from the supplier on account for ₱18,000.

Dec. 31 Purchases materials on account for ₱20,000.

CASH RECEIPTS JOURNAL


Dec. 2 A customer paid ₱12,000 to Jim Company for electrical service.

Dec. 3 Hans Company was paid ₱15,000 for web design services to Kean Company.

Dec. 6 Received payment from the unearned service revenue for ₱45,000.

Dec. 10 A customer paid ₱60,000 for the project design services to Kim Company.

Dec. 13 Received payment of the service provided on December 6.

Dec. 16 Rex Company was paid ₱12,500 for internet repair to a customer.

Dec. 17 Yap Company paid ₱7,000 to Kur Company for Electrical service.

Dec. 21 A customer paid ₱15,000 for web design service to Wam Company.

Dec. 23 Gem Company paid ₱16,000 for Internet service to KLMN Company.

Dec. 25 Yen Company was paid ₱6,000 for project design service.

CASH DISBURSEMENT JOURNAL


Dec. 6 Jim Company paid the utility bill for ₱12,000.

Dec. 7 Ren Company paid for the transportation for ₱35,000.

Dec. 10 Purchase equipments for ₱70,000.

Dec. 14 Rey Company paid insurance for ₱4,500.


Dec. 16 Purchases materials for ₱19,000.

Dec. 19 Dem Company paid the rental fee for the truck ₱4,000.

Dec. 21 Yong Company paid the salary and wages for ₱30,000.

Dec. 24 Sam Company paid the water bill for ₱15,000.

Dec. 27 Purchases equipments for ₱60,000.

Dec. 31 Yat Company paid the internet bill for ₱2,500.

GENERAL JOURNAL TRANSACTION


Dec. 8 ₱3,000 worth of service has been provided to the customer who paid advance amount of ₱4,000.

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