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    Acct-101-Begino, Vanessa Jamila D. TEST I

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    Vanessa Jamila
    The document records various business transactions that occurred from January 1 to 30, 2021 for a company called Jk Merchandising, including investments in cash and equipment, purchases and sales of merchandise on account, payments to and collections from customers and suppliers, payment of salaries and expenses, and sale of old equipment. Journal entries were made to record the transactions, with debits and credits to accounts such as Cash, Accounts Receivable, Accounts Payable, Sales, Purchases, and various expense and revenue accounts. The journal entries provide an accounting of the financial activities of the business over the one month period.

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    Acct-101-Begino, Vanessa Jamila D. TEST I

    Uploaded by

    Vanessa Jamila
    109 views2 pages
    The document records various business transactions that occurred from January 1 to 30, 2021 for a company called Jk Merchandising, including investments in cash and equipment, purchases and sales of merchandise on account, payments to and collections from customers and suppliers, payment of salaries and expenses, and sale of old equipment. Journal entries were made to record the transactions, with debits and credits to accounts such as Cash, Accounts Receivable, Accounts Payable, Sales, Purchases, and various expense and revenue accounts. The journal entries provide an accounting of the financial activities of the business over the one month period.

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    The document records various business transactions that occurred from January 1 to 30, 2021 for a company called Jk Merchandising, including investments in cash and equipment, purchases and sales of merchandise on account, payments to and collections from customers and suppliers, payment of salaries and expenses, and sale of old equipment. Journal entries were made to record the transactions, with debits and credits to accounts such as Cash, Accounts Receivable, Accounts Payable, Sales, Purchases, and various expense and revenue accounts. The journal entries provide an accounting of the financial activities of the business over the one month period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    109 views2 pages

    Acct-101-Begino, Vanessa Jamila D. TEST I

    Uploaded by

    Vanessa Jamila
    The document records various business transactions that occurred from January 1 to 30, 2021 for a company called Jk Merchandising, including investments in cash and equipment, purchases and sales of merchandise on account, payments to and collections from customers and suppliers, payment of salaries and expenses, and sale of old equipment. Journal entries were made to record the transactions, with debits and credits to accounts such as Cash, Accounts Receivable, Accounts Payable, Sales, Purchases, and various expense and revenue accounts. The journal entries provide an accounting of the financial activities of the business over the one month period.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Name_BEGINO, VANESSA JAMILA Class no.

    _4______ Rating_________
    Acct 1
    Test I. The following transactions occurred during the month of January 2021.
    EX. Purchase machinery P50,000, 50% downpayment, the balance on account.

    Jan 1 Juan Makisig invested Cash P150,000, Equipment of P140,000, and office supplies of P23,000
    in Jk Merchandising.
    5 Purchased merchandise from HTI P P150,000, 20% downpayment and the balance issued a note
    6 Purchase office supplies from RTL P 130,000, paying P30,000 as downayment, the balane 2/10,
    n/30
    9 Sold merchandise to KLM P 145,000 terms 10% downpayement, the balance 3/5, n/20.
    11 Pay HTI in full.
    13 Received from KLM in full.
    15 Pay PLDT bills P6,000 and Meralco for P5,000.
    18 Pay the employees salaries P115,000.
    20 Purchase merchandise P130,000, including P2,000 freight from Kingly terms 2/10, /30.
    23 Pay RTL in full.
    25 Sold merchandise to Jinly P120,000 terms 3/5.
    26 Returned to Kingly P10,000 worth of defective merchandise.
    29 Jinly returned P3,000 worth of defective merchandise.
    30 Pay Kingly I full.
    30 Collected from Jinly in full.
    30 Sold old equipment for P20,000.
    Required: Journalize the above transactions.

    1 Cash 150,000
    Office Supplies 23,000
    Equipment 140,000
    Juan Makisig Capital 313,000
    5 Purchases 150,000
    Cash 30,000
    Accounts Payable 120,000
    6 Purchases 130,000
    Cash 30,000
    Accounts Payable 100,000
    9 Cash 14,500
    Accounts Receivable 130,000
    Sales 145,000
    11 Accounts Payable 150,000
    Cash 147,000
    Purchase Discount 3,000
    13 Cash 140,650
    Sales Discount 4,350
    Accounts Receivable 145,000
    15 Utilities Expense 11,000
    Cash 11,000
    18 Salaries Expense 115,000
    Cash 115,000
    20 Purchase 130,000
    Freight in 2,000
    Accounts Payable 132,000
    23 Accounts Payable 130,000
    Cash 127,400
    Purchase Discount 2,600
    25 Cash 120,000
    Sales 120,000
    26 Accounts Payable 10,000
    Purchase Returns and Allowances 10,000
    29 Sales Returns and Allowances 3,000
    Accounts Receivable 3,000
    30 Accounts Payable 130,000
    Cash 127,400
    Purchase Discount 2,600
    30 Cash 116,400
    Sales Discount 3,600
    Accounts Receivable 120,000
    30 Cash 20,000
    Sales 20,000

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