accounting
F<
/
p>
ebruar
y
1
3
th
,
2
0
21
:
16:
30
–
18
:
00
(1
.
5 HRS)
ACT1600
/BBA1
10
3
Quiz 2
(3%)
Date
:
February
13
, 2021
Time
: 16:30-
18:00 (1.5 HOURS)
Name:_________________________ ID:________________________ Section:_________
Selected accounts fro
m the chart
of
accounts of
Solo
Co
mpany
are shown below
:
101
Cash
201
Account
s Payable
112
Accounts
Receiva
ble 20
9
Output Tax
120 Inventory
4
01 Sales Revenue
126 Input tax
4
14
Sales Discounts
128 Supplies
505 Cost of Goods Sold
610
Salaries
Expense
The
cost of all
merchandise
sold was
7
0
%
of the sales price
.
During
Mar
ch
, Solo
Compan
y
completed the following transactions
.
VAT of 7% is applicable
.
Mar 2:
Purchased
merchandise
from Fifa
Compan
y,
$1
4,0
00,
term n
/30
.
4:
Sold merchandise
to Mak
Company,
$8,2
00, term n/
30,
Invoice
no
.
204
.
7:
Made cash sales
of merc
handise
for the week totaling $7,50
0.
9:
Paid in
full
the amount owed to Fifa
Company
, check no.
1124.
10: Purchased merchandise
from Jess
Corporation
. $1
,500, term n/60
.
12:
Received payment from
Mak
Company
for
invoice no
. 204.
13:
Returne
d $20
0 worth of damaged go
ods purchased
on account
from Jess
Corporation
on March
10.
14:
Made cash sales
of merc
handise for the week totaling $5
,10
0.
17
:
Sold merchandise to
Lin
Co
mpany $4,0
50, term n
/
30, invoice no
.
205
.
18:
Purchased merchandise for cash
$1
,4
00, check no.11
25
.
23
: Paid in
full the amount owed to Jess
Corporation, check no.1126.
25: Purchased
supplies
on account
from Mina
Company for
$9
00.
27
: Received payment from Lin Company
for invoice no
. 205.
30:
Paid sal
aries for the current month $1,5
00, check no.
1127.
Instruction
:
Journalize the above transactions
in the
special journals and general journal
in the
answer sheet provided below.
SALES JOURNAL SJ
| Date |
Account
Debit ed |
Invoice
No. |
Ref |
A/R Dr. |
Sales revenue Cr |
Output tax Cr |
Cost of Goods Sold Dr. Inventory Cr. |
||||||||
PURCHASE JOURNAL PJ
|
Account Credit ed |
Terms |
Inventory Dr. |
Input tax Dr. |
A/P Cr. |
CASH RECEIPTS JOURNAL CRJ
|
Cash Dr. |
A/R Cr. |
Sales Revenue Cr. |
Output Tax Cr. |
Other Accounts |
Cost of goods sold Dr. Inventory Cr. |
CASH PAYMENTS JOURNAL CPJ
|
Chk No. |
Account Debited |
Other Accounts Dr. |
A/P Dr. |
Input Tax Dr. |
Cash Cr. |
GENERAL JOURNAL Page 1
|
Account Title |
Debit | Credit |
***************************
F
ebruary 13
th
, 2021:
16:30
–
18:00 (1.5 HRS)
ACT1600
/BBA1103
Quiz 2
(3%)
Date: February
13, 2021
Time
:
16:30
–
18:00 (1.5 HOURS)
Name:_________________________ ID:________________________ Section:_________
Selected accounts fro
m the chart of accounts of
Solo
Company are shown below
:
101 Cash
201
Accounts Payable
112 Accounts Receiva
ble 209
Output Tax
120 Inventory 401 Sales Revenue
126 Input tax
414 Sales Discounts
128 Supplies
505 Cost of Goods Sold
610
Salaries
Expense
The
cost of all merchandise sold was 70
%
of the sales price
.
During March
, Solo
Co
mpany
completed the following transactions
.
VAT of 7% is applicable
.
Mar
2
:
Purchased merchandise
from Fifa
Company,
$14,0
00, term n/30
.
4
:
Sold merchandise
to Mak
Compan
y,
$8,2
00
,
term n
/
30, Invoice no
.
204
.
7
:
Made cash sales
of
merchandise
for the week totaling $7,50
0
.
9
:
Paid in full
the amount owed to Fifa
Company, check no. 1124.
10
:
Purchased merchandise
from Jess
Corporation
.
$1
,500, term n/60
.
1
2
:
Received payment from Mak
Company for invoice no
.
204
.
13
:
Returne
d $20
0 worth of damaged go
ods purchased on account from Jess
Corporation
on March
10
.
14
:
Made cash sales
of merc
handise for the week totaling $5
,10
0
.
17
:
Sold merchandise to
Lin
Co
mpany $4,0
50, term n
/
30, invoice no
.
205
.
18
:
Purchased merchandise for cash
$1
,4
00, check no.1125.
23
:
Paid in
full the amount owed to Jess
Corporation, check no.1126.
25
:
Purchased
supplies
on account
from Mina
Compan
y
for
$9
0
0
.
27
:
Received payment from
Lin
Co
mpany
for invoice no
.
205
.
30
:
Paid sal
aries for the current month $1,5
00
, check no.
1127.
Instruction
:
Journalize the above transactions in the special journals and general journal
in the
answer sheet provided below.
February 13th, 2021: 16:30-18:00 (1.5 HRS)
ACT1600/BBA1103
Quiz 2 (3%)
Date: February 13, 2021
Time: 16:30-18:00 (1.5 HOURS)
Name:_________________________ ID:________________________ Section:_________
Selected accounts from the chart of accounts of Solo Company are shown below:
101 Cash 201 Accounts Payable
112 Accounts Receivable 209 Output Tax
120 Inventory 401 Sales Revenue
126 Input tax 414 Sales Discounts
128 Supplies 505 Cost of Goods Sold
610 Salaries Expense
The cost of all merchandise sold was 70% of the sales price. During March, Solo Company
completed the following transactions. VAT of 7% is applicable.
Mar 2: Purchased merchandise from Fifa Company, $14,000, term n/30.
4: Sold merchandise to Mak Company, $8,200, term n/30, Invoice no.204.
7: Made cash sales of merchandise for the week totaling $7,500.
9: Paid in full the amount owed to Fifa Company, check no. 1124.
10: Purchased merchandise from Jess Corporation. $1,500, term n/60.
12: Received payment from Mak Company for invoice no. 204.
13: Returned $200 worth of damaged goods purchased on account from Jess Corporation on March
10.
14: Made cash sales of merchandise for the week totaling $5,100.
17: Sold merchandise to Lin Company $4,050, term n/30, invoice no.205.
18: Purchased merchandise for cash $1,400, check no.1125.
23: Paid in full the amount owed to Jess Corporation, check no.1126.
25: Purchased supplies on account from Mina Company for $900.
27: Received payment from Lin Company for invoice no. 205.
30: Paid salaries for the current month $1,500, check no.1127.
Instruction: Journalize the above transactions in the special journals and general journal in the
answer sheet provided below.