Accounting for Special Transactions

MERCHANDISING BUSINESS
SALES JOURNAL TRANSACTION

Sept. 3 ABC Company sold ₱25,000 of merchandise inventory in terms of 1/15, n/30, FOB Destination
with a Cost of Goods Sold of ₱5,000 to MNO Company.

Sept. 5 ABC Company sold ₱50,000 of merchandise inventory in terms of 1/15, n/30, FOB Shipping point
with a Cost of Goods Sold of ₱10,000 to PQR Company.

Sept. 10 ABC Company sold merchandise inventory on credit of ₱2,000,000 and Cost of Goods Sold of
₱150,000 to REX Company.

Sept. 12 Sold 1500 T-shirts to XYZ Company for 500 each on credit.

Sept. 13 Jam Company sold 250 desktop computers for ₱20,000 each to a customer on credit. The credit
terms are n/15.

Sept. 14 A customer purchases 56 cellphones on credit for ₱15,000 on credit. The payment terms are
2/10, n/30.

Sept. 16 Sold ₱150,000 of merchandise inventory on credit, with terms 2/10, n/30.

Sept. 18 Sold ₱380,000 of merchandise inventory on credit, with terms 5/10, n/30.

Sept. 19 A customer purchases 60 iPads for ₱30,000 each.

Sept. 22 Sold 10 computers on credit for ₱14,500 per computer. Terms of the sale are 5/10, n/60.

PURCHASE JOURNAL TRANSACTION

Sept. 4 Purchased ₱100,000 of merchandise inventory, terms 2/15, n /30, FOB Destination from Gus
Grass.

Sept. 7 Purchased ₱50,000 of merchandise on account from Jas Company.

Sept. 8 Purchased ₱150,000 of merchandise on account, terms of 2/10, n/30 from Mark Company.

Sept. 9 Purchased ₱80,000 of merchandise on account, terms of n/30.

Sept. 11 Purchased ₱10,000 of merchandise on account from Ping Company.

Sept. 13 Purchased ₱5,000 of merchandise inventory, terms 1/15, n/30, FOB Shipping Point from Jin
Company.

Sept. 15 Purchased ₱5,000 of merchandise on account from Jane Company.

Sept. 17 Purchased ₱18,000 of merchandise inventory on account from Ginz Company.

Sept. 20 Purchased ₱15,000 of merchandise on account, terms of 3/10, n/30 from Rey Company.

Sept. 21 Purchased ₱250,000 of merchandise on account, terms of n/30.

CASH RECEIPTS JOURNAL

Sept. 2 Sold ₱150,000 of merchandise inventory for cash, FOB Shipping Point, with a cost of goods sold
of ₱10,000 to May Company.

Sept. 4 Sold ₱50,000 of merchandise inventory for cash sale to Jem Company.

Sept. 6 A customer purchases 50 cellphone for ₱13,000 each in cash sale to Jug Company.

Sept. 15 Received payment from MNO Company from September 5 sale less discount.

Sept. 17 Sold 30 of merchandise inventory on cash for ₱6,000 each to Kay Company.

Sept. 19 Received the customer payable of ₱150,000.

Sept. 24 Received a customer payment from the credit sale of ₱560,000.

Sept. 27 Sold ₱600,000 of merchandise inventory for cash with a cost of goods sold of ₱15,000 to Lay
Company.

Sept. 28 Sold ₱150,000 of merchandise inventory for cash to James Company.

Sept. 29 Sold 25 computers on cash for ₱15,000 each to Matt Company.

CASH DISBURSEMENT JOURNAL

Sept. 1 Paid the utility bill for ₱10,000.

Sept. 4 Paid shipping cost of ₱2,500 on merchandise sold on September 3.

Sept. 16 Paid for the September 15 purchase less the return and discount.

Sept. 18 Paid the rental fee for ₱25,000.

Sept. 20 Paid the Salary and wages of the worker for ₱150,000
Sept. 23 Paid for advertisement fee for ₱8,000.

Sept. 25 Purchase of ₱15,000 store equipment on cash.

Sept. 26 Payment for customer refund due to defects of ₱20,000.

Sept. 28 Paid for carriage fee of ₱2,000.

Sept. 30 Paid a ₱15,000 bill to creditors.

GENERAL JOURNAL TRANSACTION

Sept. 20 The equipment costing ₱80,000 has useful life of 5 years and its estimated salvage value is
₱14,000. Depreciation is provided using the straight line depreciation method.

SERVICE BUSINESS
SALES JOURNAL TRANACTIONS
Dec. 4 A customer was billed of ₱15,000 for the repair of Computer on account.

Dec. 5 A business provides web design services on account for ₱20,000.

Dec. 6 Jam Company provides services on account amounting to ₱250,000 to Jeg Company.

Dec. 8 A customer was billed of ₱10,000 for the internet repair on account.

Dec. 12 A business provides computer repairs on account amounting to ₱15,500 on account to Jim
Company.

Dec. 15 Tum Company provides electric service on account of ₱5,000 to Mung Company.

Dec. 17 A customer was billed of ₱6,000 for project design on account.

Dec. 20 Meg Company provides computer repair on account for ₱12,000.

Dec. 23 A business provides cellphone repair on account for ₱4,000.

Dec. 26 A business provides external design for computers on account amounting to ₱15,500 on
account to Jim Company.

PURCHASE JOURNAL TRANSACTIONS

Dec. 1 Purchase supplies on account for ₱15,000 with terms of 2/10, n/30.

Dec. 3 Purchase of materials amounting to ₱150,000 with tax liability of 2%.

Dec. 7 A business purchases insurance for ₱950 and is given credit terms from the supplier.
Dec. 9 A business purchases a rent on account for ₱5,000.

Dec. 11 Jam Company paid utility on account for ₱16,000.

Dec. 18 Lim Company paid insurance on account for ₱6,500.

Dec. 27 Purchase of supplies on account for ₱150,000.

Dec. 29 A business paid the insurance on account for ₱3,000.

Dec. 30 Jim Company purchases supplies from the supplier on account for ₱18,000.

Dec. 31 Purchases materials on account for ₱20,000.

CASH RECEIPTS JOURNAL

Dec. 2 A customer paid ₱12,000 to Jim Company for electrical service.

Dec. 3 Hans Company was paid ₱15,000 for web design services to Kean Company.

Dec. 6 Received payment from the unearned service revenue for ₱45,000.

Dec. 10 A customer paid ₱60,000 for the project design services to Kim Company.

Dec. 13 Received payment of the service provided on December 6.

Dec. 16 Rex Company was paid ₱12,500 for internet repair to a customer.

Dec. 17 Yap Company paid ₱7,000 to Kur Company for Electrical service.

Dec. 21 A customer paid ₱15,000 for web design service to Wam Company.

Dec. 23 Gem Company paid ₱16,000 for Internet service to KLMN Company.

Dec. 25 Yen Company was paid ₱6,000 for project design service.

CASH DISBURSEMENT JOURNAL

Dec. 6 Jim Company paid the utility bill for ₱12,000.

Dec. 7 Ren Company paid for the transportation for ₱35,000.

Dec. 10 Purchase equipments for ₱70,000.

Dec. 14 Rey Company paid insurance for ₱4,500.

Dec. 16 Purchases materials for ₱19,000.

Dec. 19 Dem Company paid the rental fee for the truck ₱4,000.

Dec. 21 Yong Company paid the salary and wages for ₱30,000.

Dec. 24 Sam Company paid the water bill for ₱15,000.

Dec. 27 Purchases equipments for ₱60,000.

Dec. 31 Yat Company paid the internet bill for ₱2,500.

GENERAL JOURNAL TRANSACTION

Dec. 8 ₱3,000 worth of service has been provided to the customer who paid advance amount of ₱4,000.