Академический Документы
Профессиональный Документы
Культура Документы
Sept. 1 Sold merchandise to Lacierda Trading on credit, terms 2/10, n/30, FOB Shipping point, 21,000. Cost of
Merchandise ws P18,000.
3 Purchase merchandise on credit from Malaya Store, terms 3/10, n/30, FOB Shipping point, P38,000.
5 Paid South Trans Freight for freight charges on merchandise received, P290.
6 Purchased supplies on credit from Feb Supplies, terms, n/20, P6,360.
8 Purchased merchandise on credit from Pagadian Company, terms n/30, FOB Shipping Point, P36,000.
12 Returned some of the merchandise received on Sept. 3 for credit, P6,000.
15 Sold merchandise on credit to Columban Stores, terms n/30, FOB Shipping point, P12,000. Cost of
Merchandise was P10,000.
16 Returned some of the store supplies purchased on Sept. 6 for credit, P2,000.
17 Sold merchandise for cash, P10,000. Cost of merchandise was P8,000.
18 Accepted for full credit a return from Lacierda Trading, P2,000. Cost of Merchandise was P1,500.
24 Paid accounts to Malaya Stores.
Invested additional cash, P10,000.
25 Received full payment from Lacierda Trading.
26 Paid the following: Salaries, P3,000, Rent P500, Utilities P1,000 and Advertising P1,500
30 Inventory September 30, P28,000.
1. A 6 – month, 12% note was issued for P50,000 for money borrowed on June 1. No interest or principal payment is
due until the note matures on Nov. 31. The financial statement is prepared on a monthly basis. Provide your answer
for the month of July.
2. ABC Company received a 10%, P210,000, 2-year note from a customer on November 1, 2018. Both principal and
interest on the note are due on November 1, 2020. The financial statement is prepared on a monthly basis. Provide
your answer for the month of November 2018.
3. Office supplies of P6,000 were bought on Feb. 1 recognizing Supply Expense account and accounts payable. The
financial statement is prepared on a monthly basis. At the end of Feb, office supplies worth P2,000 on hand.
4. OB Company’s unadjusted trial balance as of year-end shows office supplies of P30,000. The year-end supplies
on hand revealed an amount of P14,000. What is the adjusting entry on December 2018?
5. Y Company purchased 1- year insurance policy on March 1 and debited Premium Insurance for P2,400. The
financial statement is prepared on a monthly basis. Prepare your answer for the month end of June.
Required: Prepare necessary adjusting entries for each and indicate the specific date.
“Do something today that your future self will thank you for”.
EXERCISE – PERPETUAL
Sept. 1 Sold merchandise to Lacierda Trading on credit, terms 2/10, n/30, FOB Shipping point, 21,000. Cost of
Merchandise was P18,000.
3 Purchase merchandise on credit from Malaya Store, terms 3/10, n/30, FOB Shipping point, P38,000.
5 Paid South Trans Freight for freight charges on merchandise received, P290.
6 Purchased supplies on credit from Feb Supplies, terms, n/20, P6,360.
8 Purchased merchandise on credit from Pagadian Company, terms n/30, FOB Shipping Point, P36,000.
12 Returned some of the merchandise received on Sept. 3 for credit, P6,000.
15 Sold merchandise on credit to Columban Stores, terms n/30, FOB Shipping point, P12,000. Cost of
Merchandise was P10,000.
16 Returned some of the store supplies purchased on Sept. 6 for credit, P2,000.
17 Sold merchandise for cash, P10,000. Cost of merchandise was P8,000.
18 Accepted for full credit a return from Lacierda Trading, P2,000. Cost of Merchandise was P1,500.
24 Paid accounts to Malaya Stores.
Invested additional cash, P10,000.
25 Received full payment from Lacierda Trading.
26 Paid the following: Salaries, P3,000, Rent P500, Utilities P1,000 and Advertising P1,500
INDEPENDENT CASES
6. A 6 – month, 12% note was issued for P50,000 for money borrowed on June 1. No interest or principal payment is
due until the note matures on Nov. 31. The financial statement is prepared on a monthly basis. Provide your answer
for the month of July.
7. ABC Company received a 10%, P210,000, 2-year note from a customer on November 1, 2018. Both principal and
interest on the note are due on November 1, 2020. The financial statement is prepared on a monthly basis. Provide
your answer for the month of November 2018.
8. Office supplies of P6,000 were bought on Feb. 1 recognizing Supply Expense account and accounts payable. The
financial statement is prepared on a monthly basis. At the end of Feb, office supplies worth P2,000 on hand.
9. OB Company’s unadjusted trial balance as of year-end shows office supplies of P30,000. The year-end supplies
on hand revealed an amount of P14,000. What is the adjusting entry on December 2018?
10. Y Company purchased 1- year insurance policy on March 1 and debited Premium Insurance for P2,400. The
financial statement is prepared on a monthly basis. Prepare your answer for the month end of June.
Required: Prepare necessary adjusting entries for each and indicate the specific date.
”Choosing to be positive and having a grateful attitude will determine how you’re going to live your life”.