A. Compute for the amount paid by the buyer based on the following purchase.

Date Amount Credit Terms Returns Date Paid Amount Due

1. March 1, 2020 P 50,000 2/10, n/30 none March 15, 2020 ________________
_
2. March 6, 2020 P 10,000 4/10, 3/15, n/30 P 2,000 March 17, 2020 ________________
_
3. March 31, 2020 P 20,000 2/eom, n/60 P 1,000 May 1, 2020 ________________
_
4. March 2, 2020 P 100,000 2/10/eom, n/60 none April 2, 2020 ________________
_
5. March 15, 2020 P 10,000 3/10, n/30 none March 31, 2020 ________________
_
6. March 2, 2020 P 10,000 2/eom, n/60 none March 29, 2020 ________________
_
7. March 2, 2020 P 100,000 2/10/eom, n/60 none April 12, 2020 ________________
_
8. March 5, 2020 P 25,000 2/10, 1/20, n/30 P 5,000 March 14, 2020 ________________
_
9. March 10, 2020 P 8,000 5%, 4%, 1% (TD) none March 10, 2020 ________________
_
10. March 6, 2020 P 5,000 - P 500 March 6, 2020 ________________
_

B. Compute for the following based on the data given below.

1. Net sales _________________ 6. Total Revenue __________________

_
2. Net Purchases _________________ 7. Total Selling Expenses __________________
_
3. Goods Available for Sale _________________ 8. Total General Expense __________________
_
4. Cost of Goods Sold _________________ 9. Total Operating Expenses __________________
_
5. Gross Profit _________________ 10. Net income (net loss) __________________
_

Administrative salaries expense 75,000

Freight out 3,000
Depreciation expense-Office equipment 11,250
Depreciation expense-Store equipment 10,500
Interest income 2,500
Beginning inventory 59,000
Ending Inventory 71,000
Office salaries expense 2,400
Purchases 184,500
Purchase discounts 3,700
Sales 545,000
Sales returns & allowances 54,000
Sales salaries expense 65,000
Sore supplies expense 5,500
Taxes and licenses expense 15,000
Freight in 9,500
Interest expense 1,000
III. Matching Type. Use Capital Letter. No erasures.

A. General Journal B. Cash Receipts C. Cash payment D. Purchases Journal E. Sales Journal

______ 1. Purchase of merchandise with terms 3/10/eom, n/60

2. Received bill from Meralco.
3. Bad debts were estimated to be 5% of outstanding accounts receivable
4. Bought supplies and a printer on account.
5. Returned defective merchandise previously purchased for cash.
6. The owner invested P 500,000.
7. Purchased a computer, issued a check for down payment, and issued a promissory note for the
balance.
8. Purchased Office furniture, issued a 30 day Promissory note for the half of the cost and a 15 day
5% note for the balance.
9. Repair of the office equipment to be paid in the succeeding month.
10 Collection from credit customers.
.
11 Sold merchandise with terms 3/10, n/45.
.
12 Issued check based on PLDT billing.
.
13 Returned defective supplies from number 4.
.
14 Withdrawal by the owner for personal use.
.
15 Sold unused and over purchased supplies to “suki” customers.
.

Problem Solving