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    Activity 2

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    Mansueto Jreyson
    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.

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    Activity 2

    Uploaded by

    Mansueto Jreyson
    11 views2 pages
    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.

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    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.

    Copyright:

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

    Activity 2

    Uploaded by

    Mansueto Jreyson
    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.

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    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

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