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    Afna Natl Assignment For Day 6 Discusion Special Journals

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    Michelle Gay Palasan
    ABC Company had the following transactions in April 2020: 1) The owner invested P100,000 in the business on April 1. 2) Merchandise was sold to Mr. Santos on account for P280,000 on April 3 and damaged goods worth P28,000 were returned on April 9. 3) Defective merchandise was returned by Evans Company and a credit memo for P3,360 was issued on April 23.

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    Afna Natl Assignment For Day 6 Discusion Special Journals

    Uploaded by

    Michelle Gay Palasan
    564 views4 pages
    ABC Company had the following transactions in April 2020: 1) The owner invested P100,000 in the business on April 1. 2) Merchandise was sold to Mr. Santos on account for P280,000 on April 3 and damaged goods worth P28,000 were returned on April 9. 3) Defective merchandise was returned by Evans Company and a credit memo for P3,360 was issued on April 23.

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    afna natl assignment for day 6 discusion Special Journals

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    ABC Company had the following transactions in April 2020: 1) The owner invested P100,000 in the business on April 1. 2) Merchandise was sold to Mr. Santos on account for P280,000 on April 3 and damaged goods worth P28,000 were returned on April 9. 3) Defective merchandise was returned by Evans Company and a credit memo for P3,360 was issued on April 23.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    564 views4 pages

    Afna Natl Assignment For Day 6 Discusion Special Journals

    Uploaded by

    Michelle Gay Palasan
    ABC Company had the following transactions in April 2020: 1) The owner invested P100,000 in the business on April 1. 2) Merchandise was sold to Mr. Santos on account for P280,000 on April 3 and damaged goods worth P28,000 were returned on April 9. 3) Defective merchandise was returned by Evans Company and a credit memo for P3,360 was issued on April 23.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Assignment for discussion on Day 6:

    Transactions for AFNA Seminar


    Below are the transactions for ABC Company for the month of April 2020. The
    company is a VAT registered business; assume the amount are 12% VAT inclusive.
    Date Transactions
    April 1 ABC, the owner, invested P100,000 in the business.
    3 Sold merchandise to Mr. Santos on account, P280,000, FOB
    shipping point, terms: 2/10, n/30.
    5 Paid shipping charges of P28,000 for merchandise purchased on
    April 4.
    6 Purchased office equipment for P50,400 from Best Equipment on
      account, FOB destination, terms: n/30.
    9 Received P28,000 worth of merchandise returned by Mr. Santos.
    The goods were slightly damaged while in transit. A credit memo
      was issued to Mr. Santos.
    11 Returned damaged merchandise worth P5,600 to Jordan
      Company, the amount was deducted from the April 4 account.
    13 Received full payment from Mr. Santos for the April 3 account less
    the returns made on April 9.

    18 Purchased merchandise from King Company on account for


    P22,400, FOB shipping point, terms: 2/10, n/30.
    19 Paid shipping charges of P2,240 on merchandise purchased from
    King Company.
    22 Sold merchandise to Evans Company for P89,600 on account, FOB
    shipping point, terms: 2/15, n/30.
    23 Defective merchandise was returned by Evans Company and a
    credit memorandum was issued for P3,360.
    26 Paid in full Jordan Company.
    30 The owner, Mr. ABC, withdrew P5,000 cash for personal use.

    Required :
    1. Journalize the transactions using the special journals.
    2. Post the transaction to the ledger and subsidiary ledger.
    3. Prepare the trial balance.

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