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    SW and ASSIGNMENT - TUGOT

    Uploaded by

    Andrea Tugot
    1. The document contains sales and purchase information for Mariano Lerin Bookstore for the month of March 2021. It provides details of purchases, returns, discounts and payments made. 2. The journal entries record transactions from March 2nd to March 31st including purchases, sales, returns, payments received and expenses. 3. Problems 20 and 21 present cost of goods sold and gross profit problems for 3 periods, providing information on net sales, beginning and ending inventory and net purchases.

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

    SW and ASSIGNMENT - TUGOT

    Uploaded by

    Andrea Tugot
    97 views9 pages
    1. The document contains sales and purchase information for Mariano Lerin Bookstore for the month of March 2021. It provides details of purchases, returns, discounts and payments made. 2. The journal entries record transactions from March 2nd to March 31st including purchases, sales, returns, payments received and expenses. 3. Problems 20 and 21 present cost of goods sold and gross profit problems for 3 periods, providing information on net sales, beginning and ending inventory and net purchases.

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    1. The document contains sales and purchase information for Mariano Lerin Bookstore for the month of March 2021. It provides details of purchases, returns, discounts and payments made. 2. The journal entries record transactions from March 2nd to March 31st including purchases, sales, returns, payments received and expenses. 3. Problems 20 and 21 present cost of goods sold and gross profit problems for 3 periods, providing information on net sales, beginning and ending inventory and net purchases.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    97 views9 pages

    SW and ASSIGNMENT - TUGOT

    Uploaded by

    Andrea Tugot
    1. The document contains sales and purchase information for Mariano Lerin Bookstore for the month of March 2021. It provides details of purchases, returns, discounts and payments made. 2. The journal entries record transactions from March 2nd to March 31st including purchases, sales, returns, payments received and expenses. 3. Problems 20 and 21 present cost of goods sold and gross profit problems for 3 periods, providing information on net sales, beginning and ending inventory and net purchases.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 9

    PROBLEM #5

    a. List price Purchases P 224,000 P 224,000


    Less: Returns 21,000
    Net Purchase P 203,000

    Less: Trade discount 60,900


    Net Purchase 142,100

    less: Discount 2% 2, 842


    Net Payment P 139,258

    b. List price Purchases P 126,000


    Less: Returns 0
    Net Purchase 126,000

    Less: Discount 1% 1,008


    Amount Due 99,792
    Freight Charges 9,000
    Net Payment P 90, 792

    c. List Price P 90,000


    Less: Returns 7,000
    Net Purchase 83,000

    Less: Trade Discount 0


    Net Purchase 83,000
    Less: Discount 2% 1,660
    Net Payment P 81, 340

    d.
    List Price P 41,000
    Less: Returns 9,000
    Net Purchase 32,000

    Less: Trade Discount 8,000


    Net Purchase 24,000
    Less: Discount 0
    Net Payment P 24,000

    e. List Price P 357,000


    Less: Returns 24,000
    Net Purchase 333,000

    Less: Trade Discounts 66,600


    Net Purchase 266,400
    Less: Discount 3% 7,992
    Net Purchase 258,408
    Less: Freight Paid 14,000
    Net Payment P 244, 408

    PROBLEM# 17
    MARIANO LERIN BOOKSTORE
    JOURNALIZING
    MARCH 2021

    DATE ACCOUNT TITLES PR DEBIT


    March 2 Purchases P 74,000
    Accounts Payable
    To record purchase.

    3 Accounts Receivable 10,000


    Sales
    To record sold merchandise on credit.

    5 Cash 7,000
    Sales
    To record sold merchandise.

    6 Purchases 42,000
    Accounts Payable
    To record FOB shipping point

    7 Freight in 570
    Accounts payable
    To record received freight bill.

    9 Accounts Receivable 38,000


    Sales
    To record Recoletos Books.

    10 Purchases 26,500
    Freight In 500
    Accounts Payable
    To record Digao Publishers purchased merchandise.

    11 Freight Out 291


    Accounts Payable
    To record freight bill.

    12 Accounts Payable 74,000


    Cash 72,520
    Purchase Discounts
    To record the purchase of March 2.

    13 Cash 9,900
    Sales Discounts 100
    Accounts Receivable
    Received payment of Detoya Book shop.

    14 Accounts Payable 21,000


    Cash
    Purchase discounts
    To record paid made Easy Bookstore

    15 Accounts Payable 3,000


    Purchase Returns and Allowances
    To record faulty merchandise.

    16 Office Supplies 4,780


    Accounts Payable
    To record purchased office supplies.

    17 Cash 18,810
    Sales Discounts 190
    Accounts Receivable
    Received payment from Recoletos Books.

    18 Accounts Payable 23,500


    Cash
    Purchase Discounts
    To record paid in full.

    19 Accounts Receivable 7,800


    Sales
    To record sold merchandise Sir. Ed Trading.

    20 Accounts Payable 1,280


    Office supplies
    To record the returned items.

    22 Sales Return and allowances 1,800


    Accounts Receivable
    Issued a credit memo to sir. Ed trading

    25 Accounts Payable 3,500


    Cash
    To record less return on March 20.

    26 Accounts Payable 861


    Cash
    To recoird paid freight.

    27 Cash 5,880
    Sales Discounts 120
    Accounts payable
    To record receved payment.

    28 Accounts Payable 21,000


    Cash
    To record the balance paid by Made easy Bookstore.

    31 Cash 9,370
    Sales
    To record sold merchandise.

    PROBLEM #20

    1 2 3
    Net Sales (A) 120000 (d) 180000 250,000
    Merchandise Inventory, 1/1/2021 (B) 30000 50,000 70,000
    Net Cost of Purchases 80,000 (E)110000 (G.)190000
    Goods Available for Sale 110,000 160,000 (H) 260000
    Merchandise Inventory, 1/31/2021 40,000 (F)20000 30,000
    Cost of goods Sold (C) 70000 140,000 230,000

    GROSS PROFIT 50,000 40,000 (I) 20000

    PROBLEM # 21
    1 2 3
    Net Sales 100,000 (D)130000 200,000
    Beginning Inventory 15,000 12,000 (G) 20000
    Net Cost of Purchases 55,000 (E) 53000 125,000
    Goods Available for Sale (A) 70000 (F) 65000 145,000
    Ending Inventory 10,000 25,000 (H) 30000
    Cost of good sold (B) 60000 40,000 (I) 115000
    Gross Profit (C) 40000 90,000 85,000
    CREDIT

    P 74,000

    10,000

    7,000

    42,000

    570

    38,000
    26,500

    291

    1,480

    10,000

    20,580
    420

    3,000

    4,780

    19,000

    23,040
    460

    7,800

    1,280
    1,800

    3,500

    861

    6,000

    21,000

    9,370

    4 5
    290,000 400,000
    (J) 40000 120,000
    160,000 390,000
    (K) 200000 (M) 510000
    70,000 (N) 130000
    (L) 130000 380,000

    160,000 (o) 20000


    4
    240,000
    30,000
    95,000
    (J) 125000
    (K) 20000
    (L) 105000
    130,000

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