VI. Nans Ting Company received the following invoices from Milt Chua Enterprises. Determine the amount to be remitted by Nans Ting Company to Milt Chua Enterprises under the following different invoices. ePrice | Shipping i mn Table PHA : meet Freight | Freight Paid Ful Point weight Terms | Amount By Settlement 60,000 Cebu FOB Manila 6,000 Nans Ting Co. 45,000 Cebu FOB Cebu 4,500 Nans Ting Co. Milt Ch 82,700 Legazpi FOB Manila 3,000 ‘ wl Enterprises Milt Chua 37,780 Cebu FOB Cebu 3,700 ‘ Enterprises VII. The following are transactions of Mah Lash Trading for December. Assuming you are the bookkeeper, journalize the transactions in the company’s books. Dec. 2 4 6 8 10 12 15 19 21 26 30 Sold merchandise 40,000 cash. Paid freight charges 400 Bought office supplies ?°5,000. 10% trade discount. Terms: 1/15, n/30 Purchased merchandise from Chu Mart 120,000. Terms: 5-5 3/20, n/60 Returned defective office supplies. 500 Sold merchandise on account to Ace Company ? 100,000. Terms: 1/10 eom Purchased merchandise for cash ® 80,000. Paid freight charges ¥ 2,200 Returned defective goods to Chu Mart ?15,000 Paid office supplies in full Ace Company paid its account in full Settled account with Chu Mart in full December 2 customer returned defective merchandise and a cash refund of 6,000 was made to the customerVIII. Presented below are transactions of May Daya Co. for January. Analyze and journalize the following: Jan. 2. M. Daya withdrew 500,000 from her bank account and invested it in the business. 5 Purchased office supplies ¥ 1,500 cash 6 Purchased merchandise from 888 Trading 120,000. Terms: 20% down, balance 2/10, n/30. FOB Destination Freight Collect 3,000 7 Purchased merchandise from Zyndee Trading ¥50,000 10-10 2/10, n/30. FOB SP freight collect F720 9 Sold Merchandise to Robin Store 100,000. Terms 10-5 1/15, n/30 11 Returned defective office supplies 1,200 15 Returned defective merchandise purchase from 888 Trading ® 8,000 16 Paid 888 Trading in full 18 Sold merchandise to Never Emporium 60,000 1/10, n/60 FOB Destination Freight Prepaid F 1,200 20 Robin Store returned defective merchandise worth F 11,000 22M. Daya withdrew ?'10,000 for personal use 24 Robin Store settled its account in full 28 Never Emporium settled its account in full 30 Settled account with Zyndee Trading in full 31 Purchased merchandise from Tokong Co. F 120,000 cash. Terms: FOB Destination Freight Prepaid 4,000Given the following, provide the necessary journal entries. Date | Transaction | Amount Preight Charges 5-5 2/10, n/30 Sales 20,000 FOB SP Prepaid fan | 1/5 EOM 5: Sales 18,000 FOB Dest. Prepaid 2/EOM, n/30 Purchases 12,000 FOB Dest. Collect Date of Payment Jan. 14 Feb. 5 Jan. 31XII. Given the following, provide the necessary journal entries. Date of Payment Freight Charges Returns Transaction 10-5 2/15, n/30 FOB SP Prepaid 2/10 EOM FOB Dest. Collect 5/EOm, n/30 FOB Dest. Collect ¢|Feb.3 | Purchases | 30,000VII. The following are taken from the income statements of Tuna Co. for four consecutive years. Supply the missing items. Show computations in good form. : 2005 2006 2007 2008 Merchandise Inventory, Beginning @ @) © @) Merchandise Inventory, End 93,825 @) 185,175 (10) Purchases 112,500 (5) 585,000 688,500 Purchase Returns and Allowances 3,375 13,500 28,125, 28,800 Purchase Discounts 1,800 6,300 20,700 21,825, Freight-in 5,625 11,250 3,375 36,000 Total Goods Available for Sale 275,850 587,250 ” 859,050 Cost of Goods Sold Q) 459,000 (8) 663,750VIII. Compute for the missing figures. Show computations in good form. dj 200Q 200R Sales Discounts 2,500 11,250 Sales Returns and Allowances 3,750 2,500 Sales () 578,750 Net Sales 562,500 @ Inventory, Jan. 1 150,000 (8) Inventory, Dec. 31 (2) (9) Purchase Returns and Allowances 8,125 6,250 Purchase Discounts 3,125 5,000 Purchases @) (ao) Freight-in 15,000 8,750 Net Purchases : 253,750 (11) Goods Available for Sale (4) 316,250 Cost of Goods Sold 375,000 (12) Gross Profit () 312,500 Operating Expenses 20,000 50,000 Net Income ©) (13)IX. Compute for the missing figures. Show computations in good form. af 200Y 200Z Sales Discounts 2,000 9,000 Sales Returns and Allowances 3,000 2,000 Sales () 463,000 Net Sales 450,000 (6) Inventory, Jan. 1 120,000 ™ Inventory, Dec. 31 (Q) (8) Purchase Returns and Allowances 6,500 5,000 Purchase Discounts 2,500 4,000 Purchases (3) (9) Freight-in 12,000 7,000 Net Purchases 203,000 (10) Goods Available for Sale (4) 253,000 Cost of Goods Sold 300,000 ay Gross Profit — 6) 250,000XI. Presented is the list of accounts of NikGel Traders for the year ended December 31, 2008. Prepare an income statement in good form. (There is no need to classify distribution and general expenses.) Unused Office Supplies F 15,000 Delivery Expense 204,400 Allowance for Bad Debts 42,000 Commissions Income 44,000 Rent Income 40,000 Merchandise Inventory, December 31, 2008 660,000 Prepaid Insurance 90,000 Miscellaneous Expense 69,600 Freight-in 58,200 Purchases 4,500,000 Purchase Returns and Allowances 390,000 Purchase Discounts 72,000 Sales 5,700,000 Sales Returns and Allowances 240,000 Sales Discounts 90,000 Bad Debts 30,000 Depreciation Expense-Furniture and Fixtures 50,000 Depreciation Expense-Delivery Van 60,000 Unsold goods as of December 31, 2008 amounted to ® 1,500,000.Ill. Give the adjusting journal entry under the following independent cases on December 31, Jt 10. 2008. Show the computations in good form. ‘The unexpired insurance account before adjustment on December 31, 2008 shows a balance of P71,100. ‘This balance is made up of the following policies. a. Athree-year policy, dated October 1, 2007, premium ¥ 21,600. b. A five-year policy, dated March 31, 2006, premium P'66,000. c. Aone-year policy, dated June 1, 2008, premium ¥8,400. Supplies Expense account showed a balance of P5,000. Supplies used during the year amounted to 3,500. Supplies account showed a balance of ® 3,000. Supplies used during the year amounted to P 2,500. Unearned rent has a credit balance of 139,500, composed of the following items: a. January balance of ?'37,500, representing prepaid rent for January through May. b. Adebit of ¥ 102,000, representing payment for annual rent of 8,500 a month beginning June. A building worth 1.2 million was completed on January 1, 2008. The building has an estimated useful life of 20 years with no salvage value. . A salesman receives his commission 15 days after the close of every sales transaction. He made a sale worth 500,000 on December 27, 2008. His commission on the sale is 5%. X Co. borrowed 20,000 from the bank on September 1, 2008. Interest is 12% payable after six months. Hetty Company's accounts receivable balance is ? 900,000. About 2% of this balance is said to be uncollectible. Merchandise Inventory end is '80,000. Beginning inventory is 80% of ending inventory. Tengot Co. received 240,000 representing one-year rent last June 1 and credited this to Rent Income.Lou Bernardo Company Trial Balance December 31, 2008 Cash Accounts Receivable r ae Notes Receivable 13,200 Merchandise Inventory 82.500 Prepaid Insurance 4,000 Office Supplies 10,000 Delivery Equipment 75,000 Accumulated Depreciation ~Delivery Equipment ® 18,000 Furniture and Fixtures 60,000 : ‘Accumulated Depreciation ~ Furniture and Fixture 15,000 ‘Accounts Payable 15,000 Notes Payable 35,000 1, Capital 108,000 Sales 750,000 Sales Returns and Allowances 65,000 Purchases 375,000 Purchase Returns and Allowances Freight-in 4,000 60,000, 100,000 12,500 ——6,000 ee ‘971,000 971,000 30,000 ‘Commissions Expense Rent Expense Utilities Expense Delivery Expense ‘Additional pieces of information determined for December 31, 2008 are as follows: 2) Depreciation of delivery equipment is 6,000 and that of Furniture and Fixture is P7,500. b) Office supplies used during the year amounted to 5,000. 0 Insurance expired during the year is P1,000. Ending inventory amounted to 100,000. © Doubtful accounts at year-end are estimated to be 3,000 1) Unpaid commissions at year-end amounted to 12,000. Required: 1. Prepare a 10-column worksheet, 2. Prepare adjusting entries. sheet, income statement, statement of changes in owner's 3. Prepare the balance 0 cauity together with the accompanying notes tothe ancl statements , Presented below is the tri vil. ¢ trial balance of Lou Bernardo Company for December 31, 2008. { F | | 1es and the post-closing trial balance. 4, Prepare the closing entiIX. Presented below is the trial balance of Cotton Company for Dec. 31, 2008. Cotton Company ‘Trial Balance December 31, 2008 Cash P 120,000 Accounts Receivable 29,700 Notes Receivable 19,800 Merchandise Inventory 123,750 Prepaid Rent 24,000 Supplies 3,000 Furniture and Fixtures 112,500 Accumulated Depreciation —Furniture and Fixtures ® 27,000 Office Equipment 90,000 Accumulated Depreciation ~ Office Equipment 22,500 Accounts Payable 75,000 Cotton, Capital 199,500 Cotton, Drawing 37,500 Sales 1,125,000 Sales Returns and Allowances 50,000 Sales Discount 47,500 Purchases 562,500 Purchase Returns and Allowances 33,750 Purchase Discount 11,250 Freight-in 6,000 Salaries Expense 90,000 Utilities Expense 150,000 Advertising Expense 18,750 Delivery Expense 9,000 pi ay F1,494,000 1,494,000 Additional pieces of information determined for December 31, 2008 are as follows: a) Depreciation of Furniture and Fixtures is 9,000 and that of office equipment is P'11,250. b) Supplies used during the year amounted to 2,000. O. Rent expired during the year is ® 22,000. @ Ending inventory amounted to 150,000. ) Bad Debts accounts at year-end are estimated to be P'4,500. £) Unpaid salaries at year-end amounted to 18,000. Required: 1. Prepare a 10-column worksheet. 2. Prepare adjusting entries. 3. Prepare the balance sheet, income statement, statement of changes in owner's equity together with the accompanying notes to the financial statements. 4, Prepare the closing entries and the post-closing trial balanceSales Journal Date Customer | Terms Page 1 Sales (Credit) Accounts Receivable Debit :Cash Receipts Journal Sales | Accounts Receivable Cash Sales Sundry Debit Credit Date | Received From pau Discount | oe | creait | Credit ocean Debit General Journal Page 1 Date’ ‘Transaction. PR. Debit CreditPurchases Journal Date Supplier Terms Page1 Purchases (Debit) Accounts Payable Credit a ck — |Cash Payments Journal Date Paid To Cash Credit Purchase Discount Credit Accounts Payable Debit Credit Purchases Debit Sundry Accounts ~ = Debit CreditVI. Presented below are selected transactions of Milky Wei Enterprises for May. Journalize the transactions. May3 Mr. Wei invested 800,000 cash. 5 Purchases from Big Dipper Merchants ¥'150,000. Terms 10-10, 10% down, balance 2/15, n/20 6 Sold merchandise to Gemini Enterprises, ? 111,000. Terms: 2/10, n/30 8 Returned defective merchandise to Big Dipper Merchants ¥15,000 9 Purchased office supplies from Galaxy Traders for cash ?*3,000 11 Received defective merchandise from Gemini Enterprises, ® 11,000 16 Gemini Enterprises settled its account in full 18 Purchased merchandise from Polaris Trading ¥'55,000. Terms: ® 25,000 DP, 60 day 10% note for -20,000 and the balance 2/10, n/30 25 Purchased merchandise from Aurora Borealis Systems P 180,000. Terms: 2/10, n/30 26 Sold to Virgo Enterprises PF 150,000. Terms: n/30 : 30 Purchases from Meteor Trading 80,000. Terms: n/60VIL. Presented below are selected transactions of Gall Tica Enterprises for June. Journalize the transactions. June 3 5 8 9 10 az: tS 16 18 25 Collected receivables in the amount of 680,000 from various customers Purchases from Chubs Merchants ?'160,000. Terms: 2/10, n/20 Sold merchandise to Tac Enterprises, 325,000. Terms: 2/10, n/30 Received defective merchandise from Tac Enterprises ® 45,000 Paid Power Tech for computer repairs 1,500 Returned defective merchandise to Chubs Merchants, ® 25,000 Paid Chubs Merchants in full Purchased merchandise from Tom Cat Trading 88,000. Terms: 60 day 10% note for 30,000 and the balance 2/10, n/30 Sold merchandise to Bill Joe Systems P 200,000. Terms: 30 days 12% note for 50,000 and balance 3/20, n/30 Additional investment of Gall, 200,000