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Journalizing Merchandising Transactions, Problem #13

Lenore Loqueque Homewares general journal for October shows various purchases and sales on account as well as cash transactions. Purchases of merchandise for $60,000 and $90,000 including $6,000 in freight were made on credit. Sales of $30,000 and $24,000 were made on credit. The Lacson account was collected for $30,000 and payments were made to Ortiz for $96,000 and Orajada for $54,000.

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Feiya Liu
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15K views

Journalizing Merchandising Transactions, Problem #13

Lenore Loqueque Homewares general journal for October shows various purchases and sales on account as well as cash transactions. Purchases of merchandise for $60,000 and $90,000 including $6,000 in freight were made on credit. Sales of $30,000 and $24,000 were made on credit. The Lacson account was collected for $30,000 and payments were made to Ortiz for $96,000 and Orajada for $54,000.

Uploaded by

Feiya Liu
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Lenore Loqueque Homewares

GENERAL JOURNAL
For the month ended: October 31
Page 1
Date Account Title and Explanation P.R. Debit Credit
October 7 Accounts Receivable 30,000
Sales 30,000
Sold merchandise on credit

8 Purchase 60,000
Accounts Payable 60,000
Purchased merchandise on credit

9 Freight In 2,540
Cash 2,540
Paid shipping charges

10 Purchase 90,000
Freight In 6,000
Accounts Payable 96,000
Purchased merchandise on credit

13 Office Supplies 24,000


AccountsPayable 24,000
Purchased office supplies on credit

14 Accounts Receivable 24,000


Sales 24,000
Sold merchandise on credit

Accounts Payable 6,000


Purchase Return 6,000
Returned damaged merchandise

17 Cash 30,000
Accounts Receivable 30,000
Collected Lacson Co. Account

18 Accounts Payable 4,000


Office Supplies 4,000
Returned portion of office supplies

19 Cash 18,000
Sales 18,000
Sold merchandise in cash

20 Accounts Payable 96,000


Cash 96,000
Paid Ortiz Co. Account

21 Accounts Payable 54,000


Cash 54,000
Paid Orajada Co. Account

24 Sales Return 2,000


Accounts Receivable 2,000
Return of merchandise

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