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    Journalizing in Periodic Inventory (Exercises)

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    Joselyn Amon
    The document records various business transactions of Bean Co. from its founding on September 1, 2021 through September 30, including purchases and sales of merchandise, payment of salaries and bills, and settlement of accounts with customers and suppliers. It provides details of cash receipts and payments, revenue and expense accruals, and adjustments to accounts receivable and payable. The trial balance at the end of the month shows the balances of key accounts.

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

    Journalizing in Periodic Inventory (Exercises)

    Uploaded by

    Joselyn Amon
    55 views15 pages
    The document records various business transactions of Bean Co. from its founding on September 1, 2021 through September 30, including purchases and sales of merchandise, payment of salaries and bills, and settlement of accounts with customers and suppliers. It provides details of cash receipts and payments, revenue and expense accruals, and adjustments to accounts receivable and payable. The trial balance at the end of the month shows the balances of key accounts.

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    Journalizing in Periodic Inventory (exercises)

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    The document records various business transactions of Bean Co. from its founding on September 1, 2021 through September 30, including purchases and sales of merchandise, payment of salaries and bills, and settlement of accounts with customers and suppliers. It provides details of cash receipts and payments, revenue and expense accruals, and adjustments to accounts receivable and payable. The trial balance at the end of the month shows the balances of key accounts.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    55 views15 pages

    Journalizing in Periodic Inventory (Exercises)

    Uploaded by

    Joselyn Amon
    The document records various business transactions of Bean Co. from its founding on September 1, 2021 through September 30, including purchases and sales of merchandise, payment of salaries and bills, and settlement of accounts with customers and suppliers. It provides details of cash receipts and payments, revenue and expense accruals, and adjustments to accounts receivable and payable. The trial balance at the end of the month shows the balances of key accounts.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 15

    JOURNAL ENTRY FOR

    MERCHANDISING

    Ms. Joselyn M. Amon


    Prayer
    Almighty God, our Father, we praise and thank you for this day. You
    have given us another opportunity to appreciate life and to fulfill
    our mission as Your instruments of peace and progress. Please
    pardon us for our shortcomings. Help us to amend our impieties,
    may we learn to pattern our lives through Your Sons example.
    Father, bless all our endeavors, especially todays meeting. Guide
    us in our discussions. Enlighten our minds in every lesson that we
    need to learn. Give us Your grace that we may effectively do our
    parts as students. Bless us, so that we may achieve our objectives,
    for Your greater glory.
    All these we ask in Jesus name. Amen.
    Bean Co. established by Mr. Bean himself, began business on September 1, 2021.
    Assuming you are the bookkeeper of Bean Co. record the foregoing transactions.
    Sep 1 Mr. Bean withdrew ₱1,000,000 from his personal savings account and
    deposited it under the account of Bean Co.
    2 Cash purchases of merchandise ₱100,000. FOB shipping point Freight
    collect ₱1,200
    5 Sold merchandise for ₱25,000 to Bont Trading. Terms 1/10, n/60. FOB
    Shipping point Freight Prepaid ₱660
    7 Cash sales to Coco Co. ₱7,000. FOB Destination, freight Prepaid ₱550
    8 Purchased merchandise from Menggay Co. List price was ₱60,000 with
    terms of 10-5, 2/10, n/60 FOB Shipping point Freight Prepaid ₱2,000
    10 Returned defective merchandise to Menggay Co. ₱1,000
    12 Bont Trading settled its account in full
    15 Paid employees salaries ₱10,000
    17 Full settlement of account with Menggay Co.
    23 Reimbursement Coco Co for allowance granted on defective goods ₱1,200
    30 Received electric bill and water bill for the month ₱3,000
    Sep 1 Mr. Bean withdrew ₱1,000,000 from his personal
    savings account and deposited it under the account of Bean Co.

    Cash ₱1,000,000
    Bean Capital ₱1,000,000
    Sep 2 Cash purchases of merchandise ₱100,000. FOB
    shipping point Freight collect ₱1,200

    Purchases ₱100,000
    Cash ₱100,000

    Freight in ₱1,200
    Cash ₱1,200
    Sep 5 Sold merchandise for ₱25,000 to Bont Trading. Terms
    1/10, n/60. FOB Shipping point Freight Prepaid ₱660

    Account Receivable ₱25,000


    Sales ₱25,000

    Account Receivable ₱660


    Cash ₱660
    Sep 7 Cash sales to Coco Co. ₱7,000. FOB Destination,
    freight Prepaid ₱550

    Cash ₱7,000
    Sales ₱7,000

    Freight out ₱550


    Cash ₱550
    Sep 8 Purchased merchandise from Menggay Co. List price
    was ₱60,000 with terms of 10-5, 2/10, n/60 FOB Shipping
    point Freight Prepaid ₱2,000
    Purchases ₱51,300
    Account Payable ₱51,300

    Freight in ₱2,000
    Account Payable ₱2,000
    Sep 10Returned defective merchandise to Menggay Co.
    ₱1,000

    Accounts Payable ₱1,000


    Purchase Return & allowances ₱1,000
    Sep 12Bont Trading settled its account in full

    Cash ₱25,410
    Sales Discount ₱250
    Account Receivable ₱25,660
    Sep 15 Paid employees’ salaries ₱10,000

    Salaries expense ₱10,000


    Cash ₱10,000
    Sep 17 Full settlement of account with Menggay Co.

    Accounts Payable ₱52,300

    Purchase Discount ₱1,006


    Cash ₱51,294
    Sep 23 Reimbursement Coco Co for allowance granted
    on defective goods ₱1,200

    Sales Return & Allowances ₱1,20


    Cash ₱1,200
    Sep 30 Received electric bill and water bill for the month
    ₱3,000

    Utilities expense ₱3,000


    Utilities Payable ₱3,000
    Bean Company
    Trial Balance
    For the month of September 30, 2021
     
    Cash ₱867,506
    Account Receivable 0
    Account Payable ₱0
    Utilities Payable 3,000
    Bean Capital 1,000,000
    Sales 32,000
    Sales Return & Allowances 1,200
    Sales discount 250
    Purchases 151,300
    Freight in 3,200
    Purchase Return & Allowances 1,000
    Purchase discount 1,006
    Freight out 550
    Salaries Expense 10,000
    Utilities expense 3,000
    Total ₱1,037,006 ₱1,037,006

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