Miss M. Wang established the MW Enterprises with the following investment: Cash - P40,000.
00; Equipment with a
DATE DESCRIPTION DEBIT
Jan 2 Cash 40,000
Equipment 10,000
M.Wang, Capital
The owner/proprietor of the business secured business permit and registration, she paid P3,500 cash.
3 Permits, and Licenses 3,500
Cash
Bought table and chairs to be used in the business P2,500 cash
4 Furniture and Fixtures 2,500
Cash
Received the proceeds of 120-day 6% loan at Banco Pino P20,000 cash interest payable at maturity.
7 Cash 20,000
Loan Payable
Purchased merchandise P6,000 cash.
10 Purchases 6,000
Cash
The proprietor celebrated her birthday. She withdraw the following from the business for personal use: Cash- P2,00
12 M. Wang, Drawings 3,000
Cash
Purchases
Purchases merchandise from Selecta Inc. P10,000 on account, terms 1/10; n/30.
14 Purchases 10,000
Accounts Payable
Purchased merchandise from NBA enterpises P30,000 on account , terms 1/10; n/30. On the date of Purchase P5,00
16 Purchases 30,000
Cash
Accounts Payable
Returned defective merchandise bought form NBA Enterprises worth P1,000. A memo was received from the suppli
19 Accounts Payable 1,000
Purchases Returns and Allowances
The account with NBA Enterprise (transaction dated Jan. 16) was paid in full.
24 Accounts Payable 24,000
Cash
Purchase Discounts
Various cash sales for the day P8,000.
26 Cash 8,000
Sales
Sold merchandise to Mr. G. Rigor P12,000 on account, terms 1/10; n/30
28 Accounts Receivable 12,000
Sales
Sold merchandise to Ms. A Malca P35,000 on account, terms 1/10; n/30. On the day of sale, the customer paid P5,0
29 Cash 5,000
Accounts Receivable 30,000
Sales
After 2 days from the date of sale, Ms. Malca returned defective merchandise worth P500, credit memo was issued
31 Sales Returns and Allowances 500
Accounts Receivable
Extended to various clients a 45-day loan at 15% interest per annum, amount of loan is P20,000, however on the da
Feb 1 Loans Receivable 20,000
Cash
Interest and Service Fees
Ms. A. Malca paid her account in full. (transaction dated Jan. 29)
7 Cash 29,155
Sales Discount 345
Accounts Receivable
Collected/received in cash from various customers as follows: Rentals - P2,500; Parking Fees - P5,000
15 Cash 7,500
Rent Income
Parking Fees
The following business expenses was paid in cash as follows:
Store and Office Supplies 1,500
Salaries and Wages of Employees 10,000
Water Bills 1,000
Electric Bills 2,000
In as much that the proprietor (Miss Wang) is a senior citizen, she was granted 20% discount on her electr
28 Store and Office Supplies 1,500
Salaries and Wages 10,000
Light, Power and Water 3,000
Cash
Light, Power and Water
40,000.00; Equipment with a cost of P10,000.00
CREDIT
50,000
id P3,500 cash.
3,500
2,500
at maturity.
20,000
6,000
for personal use: Cash- P2,000; Merchandise worth P1,000.
2,000
1,000
10,000
On the date of Purchase P5,000 was paid in cash as downpayment.
5,000
25,000
was received from the supplier to this effect.
1,000
23,710
290
8,000
12,000
sale, the customer paid P5,000 cash as partial payment.
35,000
500, credit memo was issued to the customer to this effect.
500
P20,000, however on the date of release P500 was retained or deducted from the principal representing interest and service f
19,500
500
29,500
Fees - P5,000
2,500
5,000
d 20% discount on her electric bills.
14,100
400
epresenting interest and service fee
