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    JENJEN

    Uploaded by

    Kim Flores
    Here are the responses to letter C on page 11: 1. Collected interest on investment, increased assets and equity 2. Purchased office supplies on credit, increased assets and liabilities 3. Provided services to customer, increased assets and equity 4. Paid salaries, decreased assets and equity 5. Paid rent in advance for 3 months, no change to accounts 6. Paid advertising expense, decreased assets and equity 7. Received cash from customers, increased assets 8. Withdrew cash for personal use, decreased assets and equity 9. Invested land into the company, increased assets and equity 10. Purchased computer equipment for cash, no change to accounts

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    JENJEN

    Uploaded by

    Kim Flores
    37 views5 pages
    Here are the responses to letter C on page 11: 1. Collected interest on investment, increased assets and equity 2. Purchased office supplies on credit, increased assets and liabilities 3. Provided services to customer, increased assets and equity 4. Paid salaries, decreased assets and equity 5. Paid rent in advance for 3 months, no change to accounts 6. Paid advertising expense, decreased assets and equity 7. Received cash from customers, increased assets 8. Withdrew cash for personal use, decreased assets and equity 9. Invested land into the company, increased assets and equity 10. Purchased computer equipment for cash, no change to accounts

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    Here are the responses to letter C on page 11: 1. Collected interest on investment, increased assets and equity 2. Purchased office supplies on credit, increased assets and liabilities 3. Provided services to customer, increased assets and equity 4. Paid salaries, decreased assets and equity 5. Paid rent in advance for 3 months, no change to accounts 6. Paid advertising expense, decreased assets and equity 7. Received cash from customers, increased assets 8. Withdrew cash for personal use, decreased assets and equity 9. Invested land into the company, increased assets and equity 10. Purchased computer equipment for cash, no change to accounts

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    37 views5 pages

    JENJEN

    Uploaded by

    Kim Flores
    Here are the responses to letter C on page 11: 1. Collected interest on investment, increased assets and equity 2. Purchased office supplies on credit, increased assets and liabilities 3. Provided services to customer, increased assets and equity 4. Paid salaries, decreased assets and equity 5. Paid rent in advance for 3 months, no change to accounts 6. Paid advertising expense, decreased assets and equity 7. Received cash from customers, increased assets 8. Withdrew cash for personal use, decreased assets and equity 9. Invested land into the company, increased assets and equity 10. Purchased computer equipment for cash, no change to accounts

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    You are on page 1of 5

    ACTIVITY 1

    ANSWER: DR CR

    a) Merchandise Inventory 4,200

    A/P 4,200

    b) A/P 500

    Merchandise Inventory 500

    c) A/P 3,700

    Cash 3,630

    Merchandise Inventory 70

    ACTIVITY 2

    A. Merchandise Inventory 800

    Accounts Payable 800

    Accounts Payable 200

    Merchandise Inventory 200

    B. Accounts Payable 500


    Cash 490

    Merchandise Inventory 10

    ACTIVITY 3

    a) Accounts Receivable/Jangle 5,200

    Sales 5,000

    Cash 200

    Cost of Merchandise Sold 3,000


    Merchandise Inventory 3,000

    b) Accounts Receivable/Comet 10,000

    Sales 10,000

    Cost of Merchandise Sold 6,000

    Merchandise Inventory 6,000

    c) Transportation Out 400

    Cash 400

    d) Sales Returns & Allowances 2,000

    Accounts Receivable/Comet 2,000

    Merchandise Inventory 1,200

    Cost of Merchandise Sold 1,200

    e) Cash 5,100

    Sales Discounts 100

    Accounts Receivable/Jangle 5,200

    Cash 7,920

    Sales Discounts 80

    Accounts Receivable/Comet 8,000


    ASSESMENT PAGE 21 and 22
    1. C
    2. B
    3. C
    4. B
    5. A
    6. B
    7. A
    8. D
    9. B
    10. B
    11. D
    12. B
    13. D
    14. C
    15. B
    16. D
    17. C
    18. C
    19. A
    20. B
    APPLICATION PAGE 24

    Activity 1
    Entry :

    1/3/2016
    Purchases 200,000
    Accounts payable 200,000
    To record purchase of 20 units of computers at PHP10,000 per unit from Delta, Inc. as per
    Charge Invoice 145.

    PURCHASE RETURNS AND ALLOWANCES


    • A purchaser may find the merchandise received to be unsatisfactory because the goods are:
    • damaged or defective
    • of inferior quality
    • not in accord with the purchaser’s specifications
    • The purchaser initiates the request for a reduction of the balance due through the issuance of a debit
    memorandum. The debit
    memorandum is a document issued by a buyer to inform a seller that the seller’s account has been
    debited because of unsatisfactory goods.
    • A return of the merchandise (a deduction from the purchase price when unsatisfactory goods are kept)
    is shown by the entry where
    Accounts Payable is debited and Purchase Returns and Allowances is credited to show that the
    purchases was reduced with a return or an
    allowance.
    • The Purchase Returns and Allowances account is a “contra purchases” account when merchandise is
    returned to a supplier.
    PAGE 11 LETTER C

    Assets Liabilities Equity


    1. ___+____ __NE_____ ___+____
    2. Purchase of computer equipment for cash ___NE____ __NE_____ ___NE____
    3. Billed a customer for services rendered ___+____ __NE_____ ___+____
    4. Paid salaries ___-____ __NE_____ ___-____
    5. Purchased office supplies on credit ___+____ __+_____ ___NE____
    6. Paid advertising expense ___-____ __NE_____ ___-____
    7. Paid rent in advance for 3 months ___NE____ __NE_____ ___NE____
    8. Received cash from customers on account ___+____ __NE_____ ___+____
    9. Withdrew cash for personal use ___-____ __NE_____ ___-____
    10. Invested land into the company ___+____ __NE_____ ___+____

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