CASE PROBLEM – PERIODIC
Lopez Merchandising completed the following transactions:
April 1 John Lopez invested P 39,000.
2 Purchased equipment, P 10,000.
2 Bought merchandise from LT Supply P 15,900. Terms: 2/10, n/30.
3 Bought office supplies on cash basis, P 700.
4 Sold merchandise on credit P 15,200. FOB Destination. Terms:
2/10, n/30. The cost of merchandise sold was P 12,200.
5 Paid freight on April 4 sales, P 200.
6 Received credit memo from LT Supply for merchandise returned P300.
11 Paid LT Supply.
13 Collected from April 4 sales.
14 Bought merchandise on cash, P 14,400.
15 Paid salaries, P 1,500.
16 Borrowed money from a bank P 12,000 signed a promissory note.
17 Received refund from supplier on cash purchase, P 500.
18 Bought merchandise from EDSA P 14,200. FOB shipping point,
terms: 2/10, n/30.
Fundamentals of Accountancy,
Business, and Management 1
20 Paid freight on April 18 purchase, P 700.
20 Sold merchandise P 16,400. The merchandise sold has a cost of P
10,500.
25 Purchase merchandise for cash, P 12,300.
27 Paid EDSA P 9,000. No discount allowed on partial payment.
28 John Lopez took cash from business, P 2,008.
29 Made refund to cash customers for defective merchandise, P 900.
30 Sold merchandise on account, P 13,700, n/30. Cost of the
merchandise sold is P 11,000.
30 Paid the following: Advertising P 1,000, Utilities, P 400; Rent P 3,500;
Salaries P 1,500.
30 Inventory April 30, P25,000.
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Fundamentals of Accountancy,
Business, and Management 1
CASE PROBLEM – PERPETUAL
Lopez Merchandising completed the following transactions:
April 1 John Lopez invested P 39,000.
2 Purchased equipment, P 10,000.
2 Bought merchandise from LT Supply P 15,900. Terms: 2/10,
n/30.
3 Bought office supplies on cash basis, P 700.
4 Sold merchandise on credit P 15,200. FOB Destination. Terms:
2/10, n/30.
The cost of merchandise sold was P 12,200.
5 Paid freight on April 4 sales, P 200.
6 Received credit memo from LT Supply for merchandise
returned P300.
11 Paid LT Supply.
13 Collected from April 4 sales.
14 Bought merchandise on cash, P 14,400.
15 Paid salaries, P 1,500.
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16 Borrowed money from a bank P 12,000 signed a promissory
8
note.
Fundamentals of Accountancy,
Business, and Management 1
17 Received refund from supplier on cash purchase, P 500.
18 Bought merchandise from EDSA P 14,200. FOB shipping point,
terms: 2/10, n/30.
20 Paid freight on April 18 purchase, P 700.
20 Sold merchandise P 16,400. The merchandise sold has a cost of P
10,500.
25 Purchase merchandise for cash, P 12,300.
27 Paid EDSA P 9,000. No discount allowed on partial payment.
28 John Lopez took cash from business, P 2,008.
29 Made refund to cash customers for defective merchandise, P 900.
30 Sold merchandise on account, P 13,700, n/30. Cost of the
merchandise sold is P 11,000.
30 Paid the following: Advertising P 1,000, Utilities, P 400; Rent P 3,500;
Salaries P 1,500.
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Fundamentals of Accountancy,
Business, and Management 1
Instructions:
1. Prepare the following:
a. Journalizing
b. Ledger (Posting)
c. Trial Balance
d. Financial Statements
e. Closing entries
f. Post-closing trial balance
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