The account balances of the Mobile L Company as at Dec.

1, 2017 are listed below:

110 Cash 214,000

120 Accounts Receivable 338,000
130 Merchandise Inventory 426,000
140 Office Supplies 31,000
150 Prepaid Insurance 48,000
160 Land 370,000
170 Building 900,000
175 Accumulated Depreciation - Building 250,000
180 Equipment 800,000
185 Accumulated Depreciation - Equipment 200,000
210 Accounts Payable 172,000
230 Mortgage Payable 1,200,000
310 Mobile L, Capital 1,305,000
3,127,000 3,127,000
-

The following transactions occurred during the month of December 2017

Dec-01 Settled accounts payable of P115,000 less 2% discount.

3 Collected accounts receivable of P180,000 less 3% discount.
4 Sold merchandise on account to A. Plural Supplies, P210,000.
Terms : FOB destination: 3/10, n/30.
5 Received returns from A. Plural Supplies, P25,000
7 Purchased merchandise from Naga Products P232,000
Terms : FOB shipping point: 2/10, n/30.
9 Returned goods to Naga Products, P12,000 acquired last Dec. 7
11 Received payment from A. Supplies for the amount due.
13 Paid Naga Products for the merchandise purchased on Dec. 7 less
returns and discounts.
14 Paid freight charges of P6,000 for the merchandise acquired from
Naga Products last Dec. 7
15 Paid Salaries, P74,000
18 Acquired office supplies for cash P9,000
21 Paid representation expense P3,000
30 Paid P19,000 for repairs on the equipment.
31 Mr. Mobile L withdrew P170,000 from the business.

Required:
Prepare JOURNAL ENTRIES
Prepare JOURNAL ENTRIES to the following transactions occured
during the month of December 2017

Dec-01 Settled accounts payable of P115,000 less 2% discount.

3 Collected accounts receivable of P180,000 less 3% discount.
4 Sold merchandise on account to A. Plural Supplies, P210,000.
Terms : FOB destination: 3/10, n/30.
5 Received returns from A. Plural Supplies, P25,000
7 Purchased merchandise from Naga Products P232,000
Terms : FOB shipping point: 2/10, n/30.
9 Returned goods to Naga Products, P12,000 acquired last Dec. 7
11 Received payment from A. Supplies for the amount due.
13 Paid Naga Products for the merchandise purchased on Dec. 7 less
returns and discounts.
14 Paid freight charges of P6,000 for the merchandise acquired from
Naga Products last Dec. 7
15 Paid Salaries, P74,000
18 Acquired office supplies for cash P9,000
21 Paid representation expense P3,000
30 Paid P19,000 for repairs on the equipment.
31 Mr. Mobile L withdrew P170,000 from the business.
Dec-01 Accounts Payable 115,000.00
Purchase Discount 2,300.00
Cash 112,700.00
To record payment made to supplies with 2% discount.

3 Cash 174,600.00
Sales Discount 5,400.00
Accounts Receivable 180,000.00
To record collection of account with 3% discount.

4 Accounts Receivable 210,000.00

Sales 210,000.00
To record sales of merchandise on account.

5 Sales Returns and Allowances 25,000.00

Accounts Receivable 25,000.00
To record returns of merchandise sold.

7 Purchases 232,000.00
Accounts Payable 232,000.00
To record purchased merchandise from Naga Products.

9 Accounts Payable 12,000.00

Purchase Returns & Allowances 12,000.00
To record returned goods to Naga Products.

11 Cash 179,450.00
Sales Discount 5,550.00
Accounts Receivable 185,000.00
To record collection of payment from A. Plural

13 Accounts Payable 220,000.00

Purchase discount 4,400.00
Cash 215,600.00
To record payment of account to Naga Products.

14 Freight In / Transportation In 6,000.00

Cash 6,000.00
To record freight for the merchandise purchased.
15 Salaries Expense 74,000.00
Cash 74,000.00
To record payment of salaries.

18 Office Supplies 9,000.00

Cash 9,000.00
To record merchandise purchased on account

21 Representation Expense 3,000.00

Cash 3,000.00
To record payment of representation expense.

30 Repairs Expense 19,000.00

Cash 19,000.00
To record payment of repairs made.

31 Mobile, withdrawal 170,000.00

Cash 170,000.00
To record withdrawal of Mobile's Capital
 Cash Accounts payable
Debit Credit Debit Credit
Beg. Balance 214,000.00 Beg Balance 172,000
Dec-01 112,700.00 Dec-01 115,000.00
3 174,600.00 7 232,000.00
11 179,450.00 9 12,000.00
13 215,600.00 13 220,000.00
15 74,000.00 347,000.00 404,000.00
18 9,000.00
21 3,000.00
30 19,000.00 Purchases
71 170,000.00 Debit Credit
568,050.00 490,600.00 Dec-07 232,000.00

Accounts Receivable 232,000.00

Debit Credit
Beg Bal 338,000.00 Purchase Returns & Allowances
Dec-03 180,000.00 Debit Credit
4 210,000.00 Dec-09 12,000.00
5 25,000.00
11 185,000.00
14 330,000.00 Moblie, Drawing
878,000.00 390,000.00 Debit Credit
Dec-31 170,000.00
Purchase Discount Salaries Expense
Debit Credit Debit Credit
Dec-01 2,300.00 Dec-15 74,000.00
13 4,400.00
6,700.00
Office Supplies
Sales Discount Debit Credit
Debit Credit Beg Balanc 31,000.00
Dec-03 5,400.00 Dec-18 9,000.00
11 5,550.00 40,000.00
10,950.00
Representation Expense
Sales Debit Credit
Debit Credit Dec-21 3,000.00
Dec-04 210,000.00
14 330,000.00
540,000.00 Repairs Expense
Debit Credit
Dec-30 19,000.00
Sales Returns and Allowances
Debit Credit
Dec-05 25,000.00
The business, RPLG Distributors was registered as a single proprietorship

June, 2024
1 John Rah invested P55,000.00
2 Bought computer equipment for 15,000.00
2 Purchase merchandise on account from Loe Ver Supply Inc. P26,000.00