Scribd
Upload
28 views2 pages

Activity 2

Marc Flores invested PHP 610,000 to start a sari-sari store, purchasing inventory, equipment, and making initial cash investments. Throughout December, he purchased additional inventory, paid expenses like salaries and rent, sold items to customers on account, and withdrew PHP 200 as owner profits. Financial transactions were recorded including purchases, sales, returns, payments received, and expenses paid. By the end of the month, Marc had operated his new sari-sari store for a month, gaining experience running the business.

Uploaded by

Mansueto Jreyson
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
28 views2 pages

Activity 2

Marc Flores invested PHP 610,000 to start a sari-sari store, purchasing inventory, equipment, and making initial cash investments. Throughout December, he purchased additional inventory, paid expenses like salaries and rent, sold items to customers on account, and withdrew PHP 200 as owner profits. Financial transactions were recorded including purchases, sales, returns, payments received, and expenses paid. By the end of the month, Marc had operated his new sari-sari store for a month, gaining experience running the business.

Uploaded by

Mansueto Jreyson
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
You are on page 1/ 2

MERCHANDISING LESSON (Activity 2)

Marc Flores "Heartrob" Sari-sari store


December 2012

Dec 1- Invested cash P500,000, Merchandising Inventory P100,000 and Equipment P10,000 for his Sari-Sari store.

Date Particulars PR Debit Credit


Dec 1, 2012, Cash P500,000
Inventory P100,000
Equipment P10,000
Marc Flores, Capital P610,000
To record initial investment

Dec 2- Purchase merchandise P15,000 on account 2/10, N/30. Freight-in P 200

Date Particulars PR Debit Credit


Dec 2, 2012 Purchase P15,000
Accounts Payable P15,000
Freight in P200
Cash P200
To record accounts payable

Dec 8- Fully paid transaction dated 12-2-2012.

Date Particulars PR Debit Credit


Dec 8, 2012, Accounts Receivable P15,000
Cash P15,000
To record fully paid transaction
dated 12-2-2012

Dec 9- Purchase merchandise P50,000 cash

Date Particulars PR Debit Credit


Dec 9, 2012, Purchase P50,000
Cash P50,000
To record purchases

Dec 10- Returned purchased amounting to P10,000 (reference Transaction of Dec 9)

Date Particulars PR Debit Credit


Dec 10, 2012, Accounts Payable – Marc Flores P10,000
Purchase Return and Allowances P10,000
To record purchased return and
allowances
Dec 15- Paid employee salary P3000

Date Particulars PR Debit Credit


Dec 15, 2012, Salaries Expense P3,000
Cash P3,000
To record employee salary

Dec16- Sold merchandise on account P10,000 2/10, N/30 to Atty. Alvin Basa. (The cost of goods sold is 20% of
merchandise sold).

Date Particulars PR Debit Credit


Dec 16, 2012, Accounts Receivable – Atty Alvin P10,000
Basa
Sales P10,000
To record Sold merchandise on
account

Dec 17- Returned sold items P5000 from Atty. Alvin Basa.

Date Particulars PR Debit Credit


Dec 17, 2012, Sales Returns and Allowances P5,000
Accounts Receivable – Atty. Alvin P5,000
Basa
To record returned sold items

Dec 18- Received full payment from Atty Alvin Basa

Date Particulars PR Debit Credit


Dec 18, 2012, Cash P10,000
Accounts Receivable – Atty. Alvin P10,000
Basa
To record full payment from atty.
Alvin Basa

Dec 19- Settled the following expenses: Monthly Rental P 1500, and Utilities expense P 500

Date Particulars PR Debit Credit


Dec 19, 2012, Rent Expense P1,500
Utilities Expense P500
Cash P2,000
To record Monthly rental and
utilities Expense

Dec 31- Owner's withdrawal P200

Date Particulars PR Debit Credit


Dec 31, 2012, Owner’s Withdrawal P200
Cash P200

You might also like