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Learning Task 2 Merchandising Transactions

The document summarizes transactions for Lenore Loqueque Homewares for the month of October. It includes purchases and sales of merchandise on account and for cash, payment of shipping charges, returns of damaged goods and office supplies, and collection of accounts receivable.

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Feiya Liu
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639 views

Learning Task 2 Merchandising Transactions

The document summarizes transactions for Lenore Loqueque Homewares for the month of October. It includes purchases and sales of merchandise on account and for cash, payment of shipping charges, returns of damaged goods and office supplies, and collection of accounts receivable.

Uploaded by

Feiya Liu
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Problem # 11

Point of Buyer
Date P.R. Debit Credit
2019
a. June 16 Purchase 6,000
FOB Accounts Payable 6,000
Shipping
Point, 17 Transportation In 600
Freight Cash 600
Collect
24 Accounts Payable 6,000
Cash 5,880
Purchase Discount 120

b. June 16 Purchase 6,000


FOB Accounts Payable 6,000
Destination,
Freight 24 Accounts Payable 6,000
Prepaid Cash 5,880
Purchase Discount 120

c. June 16 Purchase 6,000


FOB Transportation In 600
Shipping Accounts Payable 6,600
Point,
Freight 24 Accounts Payable 6,600
Prepaid Cash 6,480
Purchase Discount 120

d. June 16 Purchase 6,000


FOB Accounts Payable 6,000
Destination,
Freight 17 Accounts Payable 600
Collect Cash 600

24 Accounts Payable 5,400


Cash 5,280
Purchase Discount 120
Problem #13
Lenore Loqueque Homewares
GENERAL JOURNAL
For the month ended: October 31

Date Account Title and Explanation P.R. Debit


October 7 Accounts Receivable 30,000
Sales
Sold merchandise on credit

8 Purchase 60,000
Accounts Payable
Purchased merchandise on credit

9 Freight In 2,540
Cash
Paid shipping charges

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

13 Purchase 24,000
AccountsPayable
Purchased office supplies on credit

14 Accounts Receivable 24,000


Sales
Sold merchandise on credit

Accounts Payable 6,000


Purchase Return
Returned damaged merchandise

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

18 Accounts Payable 4,000


Purchase Return
Returned portion of office supplies

19 Cash 18,000
Sales
Sold merchandise in cash

20 Accounts Payable 96,000


Cash
Paid Ortiz Co. Account

21 Accounts Payable 54,000


Cash
Paid Orajada Co. Account

24 Sales Return 2,000


Accounts Receivable
Return of merchandise
Page 1
Credit

30,000

60,000

2,540

96,000

24,000

24,000

6,000

30,000

4,000

18,000
96,000

54,000

2,000

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