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Journal Entries for Esterlina Store

The document contains journal entries for Esterlina Gevera Store and Nancy Mulles Distributors for the month of April 2023. It details various transactions including purchases, sales, freight payments, returns, and discounts, with corresponding debit and credit amounts. Each entry is accompanied by a brief explanation of the transaction.

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Redentor Maines
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25 views3 pages

Journal Entries for Esterlina Store

The document contains journal entries for Esterlina Gevera Store and Nancy Mulles Distributors for the month of April 2023. It details various transactions including purchases, sales, freight payments, returns, and discounts, with corresponding debit and credit amounts. Each entry is accompanied by a brief explanation of the transaction.

Uploaded by

Redentor Maines
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Problem #5

Journal Entries for Esterlina Gevera Store


Date Account Titles and Explanation Debit (₱) Credit (₱)
Apr. 5 Purchases 243,000.00
Accounts Payable 243,000.00
(To record purchase on account)
Apr. 5 Freight In 4,000.00
Cash 4,000.00
(To record freight payment)
Apr. 7 Purchases 470,000.00
Accounts Payable 470,000.00
(To record purchase on account, FOB
Destination)
Apr. 8 Accounts Payable 18,000.00
Purchase Returns and Allowances 18,000.00
(To record return of merchandise)
Apr. 10 Accounts Payable 225,000.00
Cash 218,250.00
Purchase Discounts 6,750.00
(To record payment after return and discount)
Apr. 14 Accounts Payable 470,000.00
Cash 455,900.00
Purchase Discounts 14,100.00
(To record payment with discount)
Apr. 21 Purchases 216,000.00
Accounts Payable 216,000.00
(To record purchase with trade discount)
Apr. 25 Freight In 3,000.00
Cash 3,000.00
(To record freight payment)
Apr. 26 Accounts Payable 216,000.00
Cash 209,520.00
Purchase Discounts 6,480.00
(To record payment with discount)
Journal Entries for Nancy Mulles Distributors
Date Account Titles and Explanation Debit (₱) Credit (₱)

Apr. 5 Accounts Receivable 243,000.0


0

Sales 243,000.00

(To record sale on account)

Apr. 7 Accounts Receivable 470,000.0


0

Sales 470,000.00

(To record sale on account, FOB Destination)

Apr. 8 Sales Returns and Allowances 18,000.00

Accounts Receivable 18,000.00

(To record return of merchandise)

Apr. Cash 218,250.0


10 0

Sales Discounts 6,750.00

Accounts Receivable 225,000.00

(To record payment received, less returns and


discount)

Apr. Freight Out 7,000.00


11

Cash 7,000.00

(To record freight cost paid by seller)

Apr. Cash 455,900.0


14 0

Sales Discounts 14,100.00

Accounts Receivable 470,000.00

(To record full payment with discount)

Apr. Accounts Receivable 216,000.0


21 0
Sales 216,000.00

(To record sale with trade discount)

Apr. Cash 209,520.0


26 0

Sales Discounts 6,480.00

Accounts Receivable 216,000.00

(To record payment with discount)

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