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    Journalizing Purchase & Sales Related Transaction ELYZA

    Uploaded by

    Elyza Sanchez
    The document contains information about Perez Company and Ramos Company. For Perez Company, it records purchases and sales of tires in June 2022, including returns. For Ramos Company, it records sales of merchandise to Cammayo Supply Company in May 2022, including returns. For Cammayo Supply Company, it records purchases from Ramos Company in May 2022, including payments and returns.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Journalizing Purchase & Sales Related Transaction ELYZA

    Uploaded by

    Elyza Sanchez
    32 views7 pages
    The document contains information about Perez Company and Ramos Company. For Perez Company, it records purchases and sales of tires in June 2022, including returns. For Ramos Company, it records sales of merchandise to Cammayo Supply Company in May 2022, including returns. For Cammayo Supply Company, it records purchases from Ramos Company in May 2022, including payments and returns.

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    Journalizing Purchase & Sales related Transaction ELYZA

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    The document contains information about Perez Company and Ramos Company. For Perez Company, it records purchases and sales of tires in June 2022, including returns. For Ramos Company, it records sales of merchandise to Cammayo Supply Company in May 2022, including returns. For Cammayo Supply Company, it records purchases from Ramos Company in May 2022, including payments and returns.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    32 views7 pages

    Journalizing Purchase & Sales Related Transaction ELYZA

    Uploaded by

    Elyza Sanchez
    The document contains information about Perez Company and Ramos Company. For Perez Company, it records purchases and sales of tires in June 2022, including returns. For Ramos Company, it records sales of merchandise to Cammayo Supply Company in May 2022, including returns. For Cammayo Supply Company, it records purchases from Ramos Company in May 2022, including payments and returns.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 7

    Elyza Sanchez

    BSBA HRDM 1-B

    PROBLEM 1: PEREZ COMPANY

    DATE(2022) ACCOUNTS TITLE AND EXPLANATION DEBIT CREDIT


    JUNE 2 Purchase P600,000
    Accounts Payable P600,000
    To record purchase om credit, term 1/10,n/45

    4 Transportation In P8,000
    Cash P8,000
    To record payment of Freight Charges

    5 Purchase P360,000
    Accounts Payable P360,000
    To record purchase on credit, terms 2/10,n/30

    6 Transportation In P5,000
    Cash P5,000
    To record Transportation In

    7 Accounts Payable P90,000


    Purchase Return & Allowance P90,000
    To record return of defective tires

    11 Accounts Payable P600,000


    Purchase Discount P5,100
    Cash P594,000
    To record payment for tires purchased on June 2

    13 Accounts Receivable P630,000


    Sales P630,000
    To record sold tires on credit terms 1/10,n/30

    22 Cash P623,700
    Sales Discount P6,300
    Account Receivable P630,000
    To record collection of payment from sale of tires on June 13

    30 Accounts Payable P360,000


    Cash P352,800
    To record payment of purchase from June5
    PROBLEM 1

    2-Jun
    1,000 tires ×600 per tires= 600,000

    5-Jun
    600 tires ×600 per tire= 360,000

    7-Jun
    150 tires ×600 per tire= 90,000

    13-Jun
    700 tires × 900per tire= 630,000

    11-Jun 22-Jun
    List Price 600,000 630,000
    Purchase Discount 0.01 0.01
    Purchase Return 90,000

    List Price 600,000 630,000


    Less:Trade Discount 0 0
    Amount of Purchase 600,000 630,000
    Less:Purchase Return 90,000 0
    Net Purchase 510,000 630,000
    Less Purchase Discount 5,100 6,300
    Amount to be paid on cash 504,900 633,700
    Elyza Sanchez
    BSBA HRDM 1-B

    PROBLEM 2: RAMOS COMPANY (Distributor)

    DATE(2022) ACCOUNTS TITLE AND EXPLANATION DEBIT


    May 4 Accounts Receivable P162,000
    Sales
    Sold Merchandise on account, 2/10,n/30, FOB Destination

    5 Accounts Receivable P710,000


    Sales
    Sold Merchandise on account, 2/10,n/30, FOB Shipping Point

    7 Sales Return and Allowances P12,000


    Accounts Receivable
    Merchandise returns from Cammayo for the purchase made on May 4

    9 Cash P147,000
    Sales Discount P3,000
    Accounts Receivable
    Received full payment from the sale of merchandise

    10 Transportation In P2,000
    Cash
    Paid shipping charges for the sale made on May 4

    12 Cash P695,880
    Sales Discount P14,200
    Accounts Receivable
    Received full payment from the sale of merchandise

    18 Accounts Receivable P150,000


    Sales
    Ramos sold Mechandise to Cammayo

    23 Cash P147,000
    Sales Discount P3,000
    Accounts Receivable
    Received payment from the sale of merchandise

    PROBLEM 2: CAMMAYO SUPPLY COMPANY (Retailers)


    DATE(2022) ACCOUNTS TITLE AND EXPLANATION DEBIT
    May 4 Accounts Receivable P162,000
    Sales
    Sold Merchandise on account, 2/10,n/30, FOB Destination

    5 Purchases P710,000
    Accounts Payable
    Purchased merchandise on account,2/10,n/30, FOB shipping point

    6 Transportation In P8,000
    Cash
    Paid shipping charges for the purchased merchandise

    7 Accounts Payable P12,000


    Purchase Return and Allowance
    Merchandise returns to Ramos for the purchase made on May 4

    9 Accounts Payable P150,000


    Cash
    Purchase Discount
    Paid the purchased merchandise in full amount

    12 Accounts Payable P710,000


    Cash
    Purchase Discount
    Paid the purchased merchandise in full amount

    18 Purchases P150,000
    Accounts Payable

    21 Transportation In P3,000
    Cash
    Paid shipping charges for the purchased merchandise

    23 Accounts Payable P150,000


    Cash
    Purchase Discounts
    Paid the purchased merchandise in full amount
    CREDIT

    P162,000

    P710,000

    P12,000

    P150,000

    P2,000

    P710,000

    P150,000

    P150,000
    CREDIT

    P162,000

    P710,000

    P8,000

    P12,000

    P147,000
    P3,000

    P695,000
    P14,200

    P150,000

    P3,000

    P147,000
    P3,000
    PROBLEM 2:

    9-May 12-May 23-May


    List Price 162,000 710,000 250,000
    Trade Discount 0.4
    Purchase Discount 0.02 0.02 0.02
    Purchase Return 12,000

    List Price 162,000 710,000 250,000


    Less:Trade Discount 0 0 100,000
    Amount of Purchase 162,000 710,000 150,000
    Less:Purchase Return 12,000 0 0
    Net Purchase 150,000 710,000 150,000
    Less Purchase Discount 3,000 14,200 3,000
    Amount to be paid on cash 147,000 695,880 147,000

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