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    Set A: Journalizing For A Non-VAT Merchandising Business

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    Zymon Andrew Maquinto
    This document contains two practice sets for journalizing transactions for a non-VAT merchandising business and month-end adjusting entries for a merchandiser. Set A involves journalizing various sales, purchase, payment, and return transactions for Summit Media, a magazine distributor, for the month of November 2017. Set B lists month-end adjusting entries for uncollectible accounts, unused supplies, inventory counts, insurance expenses, bad debts, depreciation, and interest for Selecta Creamery.

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    Set A: Journalizing For A Non-VAT Merchandising Business

    Uploaded by

    Zymon Andrew Maquinto
    50 views1 page
    This document contains two practice sets for journalizing transactions for a non-VAT merchandising business and month-end adjusting entries for a merchandiser. Set A involves journalizing various sales, purchase, payment, and return transactions for Summit Media, a magazine distributor, for the month of November 2017. Set B lists month-end adjusting entries for uncollectible accounts, unused supplies, inventory counts, insurance expenses, bad debts, depreciation, and interest for Selecta Creamery.

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    Acctg2_08_Practice_Set2

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    This document contains two practice sets for journalizing transactions for a non-VAT merchandising business and month-end adjusting entries for a merchandiser. Set A involves journalizing various sales, purchase, payment, and return transactions for Summit Media, a magazine distributor, for the month of November 2017. Set B lists month-end adjusting entries for uncollectible accounts, unused supplies, inventory counts, insurance expenses, bad debts, depreciation, and interest for Selecta Creamery.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    50 views1 page

    Set A: Journalizing For A Non-VAT Merchandising Business

    Uploaded by

    Zymon Andrew Maquinto
    This document contains two practice sets for journalizing transactions for a non-VAT merchandising business and month-end adjusting entries for a merchandiser. Set A involves journalizing various sales, purchase, payment, and return transactions for Summit Media, a magazine distributor, for the month of November 2017. Set B lists month-end adjusting entries for uncollectible accounts, unused supplies, inventory counts, insurance expenses, bad debts, depreciation, and interest for Selecta Creamery.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 1

    St.

    Anthony Montessori Senior High School


    FUNDAMENTALS OF ABM2

    Bookkeeping Practice Set 2

    Set A: Journalizing for a Non-VAT Merchandising Business

    Summit Media, a distributor of national magazines, engaged in the following transactions for the month of
    November 2017.

    1 Cash sales amounted to P27,500


    3 Sold to National Book Store magazines costing P19,000. Terms: P9000 down, balance
    2/5,1/10,n/30
    5 Delivered magazines to DLS St. Benilde, P14000. Terms: COD, FOB Destination, Freight
    Prepaid, P2300
    7 A cash customer returned some magazines which were not in their purchase order and was
    given a cash refund of P1250
    13 National Book Store paid for its account P5000
    15 ADMU, its regular customer, bought goods worth P8500 for its Learning Resource Center.
    Freight of P1500 was prepaid under the term FOB Shipping Point 1/10, n/30
    20 Purchased imported magazines from National Geographic worth P85000 on account.
    Terms: 3/10, n/EOM, FOB Shipping Point, Freight Prepaid, P1850 forwarding cost.
    25 Collected the account of ADMU, P5000
    27 Returned P1500-worth of magazines with inverted pages to National Geographic
    28 Collected the remaining account of NBS.

    Set B: Month-end Adjusting Transactions for a Merchandiser

    In a 2-column journal, enter the following month-end adjusting entries for Selecta Creamery:

    1. Unrecoverable accounts from ice cream direct-retailers amounted to P18,500


    2. Unused office supplies is 1/4 of the annual purchase of P16,000
    3. Physical warehouse inventory of ice cream costs P121,875
    4. Consumed 28% of the fire insurance policy worth P26,000
    5. Insolvent dealers had a debt of P12,600
    6. Value of the following PPE were reduced:
    - Office Equipment: P125
    - Computer Equipment: P2,660
    - Machineries: P17,520
    7. Expired property insurance amounted to P800
    8. 3% interest expense on SSS Premiums Payable P12,000

    Proprietary & Exclusive to St. Anthony Montessori PAGE 1 of 1

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