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    Accounting Sample Problems

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    Keitheia Quidlat
    Virginia Ruben Candles engaged in various merchandising transactions in August 2021 that would require several journal entries: 1) They sold merchandise to a customer on credit, purchased inventory on credit from two suppliers, paid freight charges, and purchased supplies on credit. 2) They also returned some inventory and supplies for credit and made some cash and credit sales to customers. 3) Several credit accounts and payments were made throughout the month.

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    Accounting Sample Problems

    Uploaded by

    Keitheia Quidlat
    1K views1 page
    Virginia Ruben Candles engaged in various merchandising transactions in August 2021 that would require several journal entries: 1) They sold merchandise to a customer on credit, purchased inventory on credit from two suppliers, paid freight charges, and purchased supplies on credit. 2) They also returned some inventory and supplies for credit and made some cash and credit sales to customers. 3) Several credit accounts and payments were made throughout the month.

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    Virginia Ruben Candles engaged in various merchandising transactions in August 2021 that would require several journal entries: 1) They sold merchandise to a customer on credit, purchased inventory on credit from two suppliers, paid freight charges, and purchased supplies on credit. 2) They also returned some inventory and supplies for credit and made some cash and credit sales to customers. 3) Several credit accounts and payments were made throughout the month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1K views1 page

    Accounting Sample Problems

    Uploaded by

    Keitheia Quidlat
    Virginia Ruben Candles engaged in various merchandising transactions in August 2021 that would require several journal entries: 1) They sold merchandise to a customer on credit, purchased inventory on credit from two suppliers, paid freight charges, and purchased supplies on credit. 2) They also returned some inventory and supplies for credit and made some cash and credit sales to customers. 3) Several credit accounts and payments were made throughout the month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Problem 14

    Journalizing Merchandising Transactions

    Virginia Ruben Candles engages in the following transactions in August 2021:

    August 1 Sold Merchandise to O. Lacierda Trading on credit, terms n/30, FOB shipping point,
    P21,000

    3 Purchased merchandise on credit from R. Cabellon Stores, terms n/30. FOB shipping
    point, P38,000

    5 Paid SouthMin Freight for freight charges on merchandise received, P290

    6 Purchased store supplies on credit from Ipil Supplies, ter ms n/20, P6,360.

    8 Purchased merchandise on credit from Pagadian Corp., terms n/30, FOB shipping
    point, P36,000. Pagadian Corp. paid P200 for freight costs

    12 Returned some of the merchandise received on Aug. 3 for credit, P6,000

    15 Sold merchandise on credit to Columban Stores, terms n/30, FOB shipping point,
    P12,000

    16 Returned some of the store supplies purchased on Aug. 6 for credit, P2,000

    17 Sold merchandise for cash, P10,000

    18 Accepted for full credit a return from O. Lacierda Trading , P2,000

    24 Paid accounts to R. Cabellon Stores

    25 Received full payment from O. Lacierda Trading

    Required: Prepare the journal entries

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