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Merch

The document outlines a series of transactions involving the purchase, return, and sale of car seat covers, including inventory adjustments and accounts payable/receivable entries. It details the financial impact of these transactions, resulting in a cost of goods sold of P780,000 and an ending inventory of P60,000. Additionally, it includes various expenses related to office supplies, advertising, salaries, and depreciation.

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Renelyn Filoteo
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35 views3 pages

Merch

The document outlines a series of transactions involving the purchase, return, and sale of car seat covers, including inventory adjustments and accounts payable/receivable entries. It details the financial impact of these transactions, resulting in a cost of goods sold of P780,000 and an ending inventory of P60,000. Additionally, it includes various expenses related to office supplies, advertising, salaries, and depreciation.

Uploaded by

Renelyn Filoteo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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1. Purchased 800 car seat covers on account at P1,000 each.

2. Returned 50 defective car seat covers to supplier and received credit.


3. Paid 600 of the car seat covers purchased.
4. Sold 790 seat covers at P2,000 each.
5. Received 20 car seat covers returned by a customer and gave credit. The goods were in excellent condition.
6. Received cash for 680 of the car seat covers sold.
7. Physical count at year-end revealed 60 units on hand.

1 Purchases 800000 1 MI
AP 800000 AP

2 AP 50000 2 AP
Purchase Return 50000 MI

3 AP 600000 3 AP
Cash 600000 Cash

4 AR 1580000 4 AR
Sales 1580000 Sales

5 Sales Return 40000 5 Sales Return


AR 40000 AR

6 Cash 1360000 6 Cash


AR 1360000 AR

7 Inventory 60000 7 Inventory shortage


Income summary 60000 Inventory

BI 90000
Purchase 800000
Return -50000
TGAS 840000
EI -60000
COGS 780000

a Office supplies exp 17000


Office supplies 17000
b Advertising exp 25000
Prepaid exp 25000

c Salaries exp 21000


Payable 21000

d Dep expense 35000


AD-build 15000
AD-Equip 20000

e
90
800
-50
-790
re in excellent condition. 20
70

800000
800000

50000
50000

600000
600000

1580000 COGS 790000


1580000 Inv 790000

40000 Inv 20000


40000 COGS 20000

1360000
1360000

10000
10000

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