UNIVERSIDAD TECNOLÓGICA DE PANAMÁ

FACULTY OF INDUSTRIAL ENGINEERING

CASE 1
“CARGA, S.A.”

Register the following transactions of Carga S.A. in the Journal and Legder book.

Carga S.A. started a ITBM taxable merchandise sales business in October 31, 2017,
and the company requires you to register the following transactions.

1. Opening of a checking account in Banistmo for US10,000.00, and register 10

common shares with a nominal value of US$ 1,000.00 each in favour of Edith
Rodríguez.
2. The total purchases of Merchandise during the month of October was
US150,000.00 plus ITBM on credit.

3. Sales for the month of october were US275,000.00 plus 19,250.00 ITBM. Out of
the total sale, 60% was in cash, and deposited in the bank account, 20% as an
account receivable, and 20% as a promissory note.

4. a. Acquisition of furniture and equipment, 75% paid in cash and 25% as an

account payable
b. Computers valued at US $ 10,500.00 plus ITBMS.
c. Office furniture for US $ 5,000.00 plus ITBMS.
d. Delivery car for US $ 15,000.00 plus ITBMS

5. During the month of october, the company paid its payroll. The gross salary of
the employees was US$ 5,000.00, the risk of a company accident is medium
(2.10%). Employee social contributions correspond to:

Descripción SS SE RP
Employee 9.75% 1.25%
Employer 12.25% 1.50% 2.10%

Other checks drawn during the months were:

a. Local rent for U$ 1,000.00 plus ITBMS.
b. Other Suppliers credit for purchases made, 60% of credit purchases.
c. Payment of electric service for US $ 375.00
d. Telephone bill payment for US $ 500.00.

Note: Once you prepare the transaction journal entries in the Journal
and Ledger, prepare the Trial Balance.