This study source was downloaded by 100000868681387 from CourseHero com on 08 10 2024 04 06 51 GMT 05 00 https www coursehero com file 220040122 NCBI FINAL EXAM PART II page 1 of 12 Your Schoolpdf Time left 3 30 08 This study source was downloaded by 100000868681387 from CourseHero com on 08 10 2024 04 06 51 GMT 05 00 https www coursehero com file 220040122 NCBI FINAL EXAM PART II page 1 of 12 Your Schoolpdf Question 1Answer savedMarked out of 15Mr Nikola Tesla launched Tesla Supermart on December 1 20x1 with a cash investmentof 150 000 The following are additional transactions for the month 2Equipment valued at 20 000 was given by Mr Tesla to his business 3Purchased supplies for 12 600 on credit Used asset method to record thetransaction 4Purchased a 100 000 service truck A cash payment of 25 000 was provided and the remaining was given as a promissory note payable in six equal monthlyinstallments 6Purchased goods from Einstein Enterprises 50 000 Term 3 15 n 30 8For the December 6 transaction a delivery fee of 1 500 was paid 10Sold and delivered merchandise on account 45 000 Term 2 10 n 30 Cost ofMerchandise 30 000 10Paid 900 freight for December 10 transaction 13Returned 7 500 worth of damaged goods to Einstein Enterprises 15Paid salaries to employees totaling 15 00016Signed a promissory note for 30 000 for long term loan obtained from NewtonBank 17Received 4 500 worth of returned goods from customers on December 10 Cost of merchandise returned 3 000 18Paid 7 600 of the amount owed from the purchase on December 3 19Purchase additional goods from Galileo Supermarket amounting to 90 000 20Received full customer settlement for the sale made on December 10 21Account paid in full to Einstein Enterprises 22Goods costing 20 500 was sold for 30 750 26Cash received in the amount of 7 500 and a promissory note in the amount of 30 000 for goods sold to a key customer The cost of the merchandise is 25 000 27Mr Tesla took a cash withdrawal of 15 000 from the business 29Paid 2 500 in telephone expenses 30Paid building rentals for the month 7 500 30Paid the first installment of the note payable on Service Truck 31Paid Salaries 11 300 net of the following deductions SSS 380 Pag IBIG 100 Philhealth 220 The Merchandise Inventory at the end of the of the month is 60 225 Additional information for year end adjustments The useful life of the equipment is 5 years with salvage value of 2 000 The useful life of the service vehicle is 10 years with salvage value of 10 000 Remaining unused supplies worth 9 100 Chart of AccountsAcctNo Account Titles110Cash120Accounts Receivable130Notes Receivable140Supplies150Merchandise Inventory160Equipment170Accumulated Depreciation Equipment180Service Vehicle190Accumulated Depreciation Service Vehicle This study source was downloaded by 100000868681387 from CourseHero com on 08 10 2024 04 06 51 GMT 05 00 https www coursehero com file 220040122 NCBI FINAL EXAM PART II page 1 of 12 Your Schoolpdf 210Accounts Payable220SSS Payable230Pag IBIG Payable240Philhealth Payable250Notes Payable310Tesla Capital320Tesla Drawings410Sales420Sales Returns Allowances430Sales Discount510Purchases520Purchase Returns Allowances530Purchase Discount540Freight In610Freight Out620Salaries Expense630Rent Expense640Telephone Expense650Supplies Expense660Depreciation Expense700Income SummaryACCOUNTING FOR MERCHANDISING BUSINESSGENERAL JOURNAL Date Account Title Explanation PR Debit Credit1Cash 110 150000 Tesla Capital 310 150000 to record initial investment 2Equipment 160 20000 Tesla Capital 110 20000 to record investment of equipment 3Supplies 140 15600 Accounts Payable 210 15600 to record purchase of supplies on account 4Service Vehicle 180 100000 Cash 110 25000 Notes Payable 250 75000 to record purchase of service vehicle 6Purchases 510 50000 Accounts Payable 210 50000 to record purchase of merchandise on account 8Freight out 610 1500 This study source was downloaded by 100000868681387 from CourseHero com on 08 10 2024 04 06 51 GMT 05 00 https www coursehero com file 220040122 NCBI FINAL EXAM PART II page 1 of 12 Your Schoolpdf Cash 110 1500 to record payment of delivery charge on purchase 10Accounts Receivable 120 45000 Sales 410 45000 to record sales on account 10Freight out 610 900 Cash 110 900 to record payment of freight on sales 13Accounts Payable 210 7500 Merchandise Inventory 150 7500 to record returned merchandise to EinsteinEnterprises 15Salaries Expense 620 15000 Cash 110 15000 to record payment of salaries 16Cash 110 30000 Notes Payable 250 30000 To record borrowings from bank 17Accounts Receivable 120 4500 Sales Returns Allowances 420 4500 To record customer returns 18Accounts Payable 210 7600 Cash 110 7600 To record payment of account 19Purchases 510 90000 Cash 110 90000 To record cash purchase of merchandise 20Cash 110 4500 Purchase 510 3000 Accounts Receivable 120 7500 To record collection from credit customer This study source was downloaded by 100000868681387 from CourseHero com on 08 10 2024 04 06 51 GMT 05 00 https www coursehero com file 220040122 NCBI FINAL EXAM PART II page 1 of 12 Your Schoolpdf 21Purchase 510 50000 Merchandise Inventory 150 7500 Cash 110 42500 To record payment of account 22Cash 110 20500 Sales 410 20500 To record cash sales 26Cash 110 5000 Merchandise Inventory 150 25000 Sales 410 30000 To record sale of merchandise 27Tesla Drawings 320 15000 Cash 110 15000 To record withdrawal of capital 29Telephone Expense 640 2500 Cash 110 2500 To record payment of telephone bill 30Rent Expense 630 7500 Cash 110 7500 To record payment of rent for the month 30Accounts Payable 210 12500 Cash 110 12500 To record payment of monthly installment 31Salaries Expense 620 11300 SSS Payable 220 380 Pag ibig Payable 230 100 Philhealth Payable 240 220 Cash 110 10600 To record payment of salaries This study source was downloaded by 100000868681387 from CourseHero com on 08 10 2024 04 06 51 GMT 05 00 https www coursehero com file 220040122 NCBI FINAL EXAM PART II page 1 of 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