Journal Entries (PROBLEM 1)

DATE PARTICULARS DEBIT CREDIT

Jun-01 Cash ₱180,000.00
Sales ₱180,000.00
To record the sales

Jun-04 Accounts Receivable ₱650,000.00

Sales ₱650,000.00
To record the sales on account

Jun-07 Sales Returns and Allowances ₱90,000.00

Accounts Receivable ₱90,000.00
To record returns and allowances on account

Jun-10 Cash ₱548,800.00

Sales Discount ₱11,200.00
Accounts Receivable ₱560,000.00
To record collection of account
Journal Entries (Problem 2)

DATE PARTICULARS DEBIT CREDIT

Oct-06 Purchases ₱200,000.00
Cash ₱200,000.00

Freight-in ₱7,000.00
Accounts Payable ₱7,000.00
To record purchased merchandise- FOB Shipping point

Oct-12 Purchases ₱700,000.00

Accounts Payable ₱700,000.00
To record purchased on account

Oct-15 Accounts Payable ₱50,000.00

Purchase Returns and Allowances ₱50,000.00
To record returns on account

Oct-17 Accounts Payable ₱650,000.00

Cash ₱630,000.00
Purchase Discount ₱19,500.00
To record supplier amount due

Oct-19 Accounts Payable ₱7,000.00

Cash ₱7,000.00
To record freight charges acquired- last october 06
Journal Entries (Problem 3)

a) SELLER
DATE PARTICULARS DEBIT CREDIT
Jun-16 Accounts Receivable- Ilano Co. ₱6,000.00
Sales ₱6,000.00
To record the sales

Jun-25 Cash ₱5,880.00

Sales Discount ₱120.00
Accounts Receivable- Ilano Co. ₱6,000.00
To record sales discount on account

BUYER
Jun-16 Purchases ₱6,000.00
Accounts Payable- Pascual Co. ₱6,000.00
To record purchases

Jun-17 Freight-in ₱600.00

Cash ₱600.00
To record freight charges

Jun-24 Accounts Payable- Pascual Co. ₱6,000.00

Cash ₱5,880.00
Purchase Discount ₱120.00
To record purchase discount on account
b) SELLER
DATE PARTICULARS DEBIT CREDIT
Jun-16 Accounts Receivable- Ilano Co. 6000
Sales 6000
Freight-out 600
Cash 600
To record sales and freight charges

Jun-24 Cash 5880

Sales Discount 120
Accounts Receivable-Ilano Co. 6000
To record sales discount on receivables

BUYER
Jun-16 Purchases 6000
Accounts Payable- Pascual Co. 6000
To record purchases

Jun-24 Accounts Payable- Pascual Co. 6000

Cash 5880
Purchase Discount 120
To record purchase discount on account
c) SELLER
DATE PARTICULARS DEBIT
Jun-16 Accounts Receivable 6000
Sales

Accounts Receivable 600

Freight-out
To record sales and receivables

Jun-24 Cash 6480

Sales Discount 120
Accounts Receivable
To record sales discount on receivables

BUYER
Jun-16 Purchases 6000
Accounts Payable

Freight-in 600
Accounts Payable
To record purchases and freight charges

Jun-24 Accounts Payable 6600

Cash
Purchase Discount
To record purchase discount on account
 d) SELLER
CREDIT DATE PARTICULARS DEBIT
Jun-16 Accounts Receivable 6000
6000 Sales

Jun-17 Freight-out 600

600 Accounts Receivable
To record sales and receivables

Jun-24 Cash 5280

Sales Discount 120
6600 Accounts Receivable
To record sales discount on receivables

BUYER
Jun-16 Purchases 6000
6000 Accounts Payable

Accounts Payable 600

600 Freight-in
To record purchases and freight charges

Jun-24 Accounts Payable 5400

6480 Cash
120 Purchase Discount
To record purchase discount on account
CREDIT

6000

600

5400

6000

600

5280
120
Journal Entries (PROBLEM 4)

DATE PARTICULARS DEBIT CREDIT

Jun-02 Purchases ₱600,000.00
Accounts Payable ₱600,000.00
To record purchases 1000 tire cost of P600

Jun-04 Freight-in ₱8,000.00

Cash ₱8,000.00
To record shipping cost of june 2

Jun-05 Purchases ₱360,000.00

Accounts Payable ₱360,000.00
To record purchases 600 tires cost of P600

Jun-06 Freight-in ₱5,000.00

Cash ₱5,000.00
To record shipping cost of june 5

Jun-07 Accounts Payable ₱90,000.00

Purchase Returns ₱90,000.00
To record returns on account

Jun-11 Accounts Payable ₱510,000.00

Purchase Discount ₱5,100.00
Cash ₱504,900.00
To record discount on account

Jun-13 Accounts Receivable ₱630,000.00

Sales ₱630,000.00
To record sales

Jun-22 Cash ₱623,700.00

Sales Discount ₱6,300.00
Accounts Receivable ₱630,000.00
To record discount on receivables

Jun-30 Accounts Payable ₱360,000.00

Cash ₱360,000.00
To record payable of june 5
Journal Entries (PROBLEM 5)

DATE PARTICULARS DEBIT CREDIT

Aug-01 Accounts Receivable- Lacierda ₱21,000.00
Sales ₱21,000.00
To record the sales

Aug-03 Purchases ₱38,000.00

Accounts Payable- Cabellon ₱38,000.00
To record purchases of Cabellon

Aug-05 Freight-in ₱290.00

Cash ₱290.00
To record freight charges

Aug-06 Store Supplies ₱6,360.00

Accounts Payable- Ipil ₱6,360.00
To record purchase store supplies on account

Aug-08 Purchases ₱36,000.00

Accounts Payable- Pagadian ₱36,000.00

Freight-out ₱200.00
Accounts Payable- Pagadian ₱200.00
To record purchases and freight charges

Aug-12 Accounts Payable- Cabellon ₱6,000.00

Purchase Return ₱6,000.00
To record returns on account

Aug-15 Accounts Receivable- Columban ₱12,000.00

Sales ₱12,000.00
To record the sales of Columban

Aug-16 Accounts Payable- Ipil ₱2,000.00

Store Supplies ₱2,000.00
To record payment on store supplies

Aug-17 Cash ₱10,000.00

Sales 10000
To record the sales on cash

Aug-18 Sales Returns ₱2,000.00

Accounts Receivable- Lacierda ₱2,000.00
To record the returns of Lacierda
Aug-24 Accounts Payable- Cabellon ₱32,000.00
Cash ₱32,000.00
To record payment of Cabellon

Aug-25 Cash ₱19,000.00

Accounts Receivable- Lacierda ₱19,000.00
To record full payment of Lacierda
Journal Entries (PROBLEM 7)

DATE PARTICULARS DEBIT CREDIT

Dec-07 Accounts Receivable-Caindec ₱30,000.00
Sales ₱30,000.00
To record the sales on account

Dec-08 Purchases ₱60,000.00

Accounts Payable-Kho Co. ₱60,000.00
To record purchases

Dec-09 Freight-in ₱254.00

Cash ₱254.00
To record freight charges

Dec-10 Purchases ₱95,400.00

Accounts Payable-Magallanes ₱95,400.00

Freight-in ₱600.00
Accounts Payable- Magallanes ₱600.00
To record purchases and freight charges

Dec-13 Office Supplies ₱24,000.00

Accounts Payable- Carlos Co. 24000
To record purchases of office supplies on account

Dec-14 Accounts Receivable-Zosa Co. ₱24,000.00

Sales ₱24,000.00
To record sales of Zosa Co.

Dec-14 Accounts Payable-Kho Co. ₱6,000.00

Purchase Returns ₱6,000.00
To record returns of Kho Co.

Dec-17 Cash ₱30,000.00

Accounts Receivable- Caindec ₱30,000.00
To record cash

Dec-18 Accounts Payable-Carlos ₱4,000.00

Office Supplies ₱4,000.00
To record payment for office supplies

Dec-19 Cash ₱18,000.00

Sales ₱18,000.00
To record cash on sales
Dec-20 Accounts Payable- Magallanes ₱96,000.00
Cash ₱96,000.00
To record payment of Magellanes payable

Dec-21 Accounts Payable-Kho Co. ₱54,000.00

Cash ₱54,000.00
To record payment of Kho Co payable

Dec-24 Sales Returns ₱2,000.00

Accounts Receivable- Zosa Co. ₱2,000.00
Journal Entries (PROBLEM 8)

DATE PARTICULARS DEBIT CREDIT

May-04 Accounts Receivable ₱ 162,000.00
Sales ₱ 162,000.00
To record sales

May-05 Accounts Receivable ₱ 710,000.00

Sales ₱ 710,000.00
To record sales

May-06
NO ENTRY
May-07 Sales Returns ₱ 12,000.00
Accounts Receivable ₱ 12,000.00
To record returns and allowances

May-09 Cash ₱ 149,000.00

Sales Discount ₱ 3,000.00
Accounts Receivable ₱ 152,000.00
To record discount

May-10 Freight-out ₱ 2,000.00

Cash ₱ 2,000.00
To record freight charges

May-12 Cash ₱ 695,800.00

Sales Return ₱ 14,200.00
Accounts Receivable ₱ 710,000.00
To record returns and allowances

May-18 Accounts Receivable ₱ 150,000.00

Sales ₱ 150,000.00
To record sales

May-21
NO ENTRY
May-23 Cash ₱ 147,000.00
Sales Discount ₱ 3,000.00
Accounts Receivable ₱ 150,000.00
To record discount