2 of 4 Chapter 9 9-4 AT. 4. Entering Directly to T-accounts The following were the narrative transactions of M'lang Commercial, a client of Ms. Gina Halangdon, CPA. Instructions: 1) Make T-account for the following: Cash in Bank, Accounts Receivable, Merchandise Inventory, Accounts Payable, G. Halangdon, Capital, Sales, Sales Discounts, Sales Returns & Allowances, Purchases, Purchase Discounts, Purchase Returns & Allowances, Freight-in and Freight-out. 2) Enter directly to their respective T-accounts the analyzed transactions: 3) Foot the T-accounts. 4) Prepare a trial balance. Jan. 1 2 - - Opening Balance as of January 1, 20B Cash in Bank Accounts Receivable Merchandise inventory Accounts Payable G. Halangdon, Capital P 950,000 120,000 150,000 P 130,000 1,090,000 Purchased merchandise on account from E. Montero Marketing, P80,000. Term: 2/20, N/30. Returned to E. Montero Marketing merchandise costing P2,000 due to bad order and was not replaced. Sold merchandise for cash to N. Bandialan Co. and gave 3% trade discounts, P50,000. Paid freight on shipment, P380. 3 Collected in full the amount of P120,000 less 2% discount on Jan. 1, 20B balance. - Received from N. BandialanP2,000 cost of merchandise returned due to some defects and no replacement has been made. 4 Sold merchandise on account to E. Jardinel Enterprises, P35,000. Term: 2/15, N/30. Paid freight of P200. 256
2 of 4 Chapter 9 9-4 AT. 4. Entering Directly to T-accounts The following were the narrative transactions of M'lang Commercial, a client of Ms. Gina Halangdon, CPA. Instructions: 1) Make T-account for the following: Cash in Bank, Accounts Receivable, Merchandise Inventory, Accounts Payable, G. Halangdon, Capital, Sales, Sales Discounts, Sales Returns & Allowances, Purchases, Purchase Discounts, Purchase Returns & Allowances, Freight-in and Freight-out. 2) Enter directly to their respective T-accounts the analyzed transactions: 3) Foot the T-accounts. 4) Prepare a trial balance. Jan. 1 2 - - Opening Balance as of January 1, 20B Cash in Bank Accounts Receivable Merchandise inventory Accounts Payable G. Halangdon, Capital P 950,000 120,000 150,000 P 130,000 1,090,000 Purchased merchandise on account from E. Montero Marketing, P80,000. Term: 2/20, N/30. Returned to E. Montero Marketing merchandise costing P2,000 due to bad order and was not replaced. Sold merchandise for cash to N. Bandialan Co. and gave 3% trade discounts, P50,000. Paid freight on shipment, P380. 3 Collected in full the amount of P120,000 less 2% discount on Jan. 1, 20B balance. - Received from N. BandialanP2,000 cost of merchandise returned due to some defects and no replacement has been made. 4 Sold merchandise on account to E. Jardinel Enterprises, P35,000. Term: 2/15, N/30. Paid freight of P200. 256
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...
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Transcribed Image Text:2 of 4
Chapter 9
9-4
AT. 4.
Entering Directly to T-accounts
The following were the narrative transactions of M'lang Commercial, a client of Ms. Gina
Halangdon, CPA.
Instructions:
1) Make T-account for the following:
Cash in Bank, Accounts Receivable, Merchandise Inventory, Accounts Payable,
G. Halangdon, Capital, Sales, Sales Discounts, Sales Returns & Allowances,
Purchases, Purchase Discounts, Purchase Returns & Allowances, Freight-in and
Freight-out.
2) Enter directly to their respective T-accounts the analyzed transactions:
3) Foot the T-accounts.
4) Prepare a trial balance.
Jan. 1
2
-
-
Opening Balance as of January 1, 20B
Cash in Bank
Accounts Receivable
Merchandise inventory
Accounts Payable
G. Halangdon, Capital
P 950,000
120,000
150,000
P 130,000
1,090,000
Purchased merchandise on account from E. Montero Marketing, P80,000.
Term: 2/20, N/30.
Returned to E. Montero Marketing merchandise costing P2,000 due to bad
order and was not replaced.
Sold merchandise for cash to N. Bandialan Co. and gave 3% trade discounts,
P50,000. Paid freight on shipment, P380.
3 Collected in full the amount of P120,000 less 2% discount on Jan. 1, 20B
balance.
-
Received from N. BandialanP2,000 cost of merchandise returned due to some
defects and no replacement has been made.
4 Sold merchandise on account to E. Jardinel Enterprises, P35,000. Term: 2/15,
N/30. Paid freight of P200.
256
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