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    Lopez Fiesta Mart

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    celi wrights
    Mr. Juan Lopez established a sole proprietorship business registered with the Department of Trade and Industry. In April 2021, Lopez invested capital, purchased inventory and supplies, sold merchandise on credit terms, paid expenses, and borrowed money. Transactions included purchases, sales, returns, payments to suppliers and employees, and cash withdrawals from the business. The ending inventory for April was ₱25,000.

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    © All Rights Reserved
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    Lopez Fiesta Mart

    Uploaded by

    celi wrights
    514 views2 pages
    Mr. Juan Lopez established a sole proprietorship business registered with the Department of Trade and Industry. In April 2021, Lopez invested capital, purchased inventory and supplies, sold merchandise on credit terms, paid expenses, and borrowed money. Transactions included purchases, sales, returns, payments to suppliers and employees, and cash withdrawals from the business. The ending inventory for April was ₱25,000.

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    Lopez-fiesta-mart

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    Mr. Juan Lopez established a sole proprietorship business registered with the Department of Trade and Industry. In April 2021, Lopez invested capital, purchased inventory and supplies, sold merchandise on credit terms, paid expenses, and borrowed money. Transactions included purchases, sales, returns, payments to suppliers and employees, and cash withdrawals from the business. The ending inventory for April was ₱25,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    514 views2 pages

    Lopez Fiesta Mart

    Uploaded by

    celi wrights
    Mr. Juan Lopez established a sole proprietorship business registered with the Department of Trade and Industry. In April 2021, Lopez invested capital, purchased inventory and supplies, sold merchandise on credit terms, paid expenses, and borrowed money. Transactions included purchases, sales, returns, payments to suppliers and employees, and cash withdrawals from the business. The ending inventory for April was ₱25,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Mr.

    Juan Lopez established a


    business and was registered as
    single proprietorship with the
    Department of Trade and
    Industry. The following are the
    transaction during the month of
    April 2021
    1 Mr. Lopez invested ₱39, 000 to the business
    2 Bought computer equipment for ₱10,000 cash
    Bought merchandise on account from LOWTOWN Supply
    3
    Co. ₱15, 900, Term, 2/10, n/30
    4 Bought office supplies on cash basis for ₱700
    Sold merchandise on account ₱15,200 F08 Destination,
    5
    terms 2/10, n/30
    6 Paid ₱200 freight on April 5 sale
    Received credit memo LOWTOWN Supply Co. for
    7
    merchandise return ₱300
    11 Paid LOWTOWN
    13 Collected from April 5 customers
    14 Bought merchandise on cash basis for ₱14,400
    15 Salaries paid ₱1,500
    Borrowed money from RCBC Bank, signed a promissory
    16
    note for ₱12,000
    Received refund from a  supplier on cash purchase of April
    17
    14, ₱500.
    Bought merchandize from MESDA, ₱14,200 FOB Shipping.
    18
    term, 2/10, n/30
    20 Paid freight on April 18 purchase ₱700
    23 Sold merchandise for ₱16, 400
    26 Bought merchandise tor cash ₱12,300
    Paid MESDA on April 18 purchase, ₱9.000. No discount
    27
    allowed on partial payment
    28 Lopez get cash from the business, P2,008
    Made refund to cash customer for defective merchandise,
    29
    ₱900
    30 Sold merchandise on account ₱13,700. term 2/10 n/30
    Paid the following: Salaries ₱1,500, Advertising
    30
    ₱1,000, Rent ₱3,500, Utilities ₱400.

    Inventory for April 30, 2021 is ₱25,000.


                CHART OF ACCOUNTS
      Acct No.            Account Tittles
      110 Cash
      120 Accounts Receivable
      130 Supplies
      140 Merchandise Inventory
      150 Prepaid Advertising
      160 Service Vehicle
      210 Accounts Payable
      220 SSS Payable
      230 Pag-IBIG Payable
      240 Philhealth Payable
      250 Notes Payable
      310 Lopez, Capital
      320 Lopez, Drawings
      410 Sales
      420 Sales Return & Allowances
      430 Sales Discounts
      510 Purchases
      520 Purchase Return & Allowances
      530 Purchase Discounts
      540 Freight In
      610 Freight Out
      620 Salaries Expense
      630 Advertising Expense
      640 Rent Expense
      650 Utilities Expense

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