1/ Mr.

Bandibas invested cash amounting to P

1/ 750,000 and an office furniture worth P120,
20 000 . It is estimated to have useful life of 5
18 years with salvage value at the end of its
life of P 5,000.
1/10/2018 Bought office supplies from Crown Book
Store on account, P 30,000 and made a
Mr. Bandibas, CPA opened partial payment of P 8,000 and the balance an accounting firm in
General Santos City. is payable n/30. JOURNALIZE THE
TRANSACTION 1/12/2018 Purchased Merchandise on Account from BELOW USING
Gaisano Mall Davao, P 430,000. Term: 20,
THE FOLLOWING 3/15 , n/30. ACCOUNTS: CASH
IN BANK, 1/13/2018 Paid Mr. AA for the delivery of the ACCOUNTS
RECEIVABLE, merchandise purchase from GAISANO NOTES
MALL, P 4,200.
RECEIVABLE, 1/13/2018 Paid P 36,000 for 6 months insurance OFFICE SUPPLIES,
PREPAID premium in advance. Prepaid insurance was INSURANCE,
OFFICE debited upon payment. FURNITURE AND
1/14/2018 Purchased merchandise from DEF Trading
FIXTURES, OFFICE for cash, P 380,000. EQUIPMENT,
ACCOUNTS 1/14/2018 Paid Mr. PP for the delivery of the PAYABLE,
BANDIBAS, merchandise purchase from DEF trading, P CAPITAL,
2,800.
BANDIBAS, 1/15/2018 Returned merchandise purchase from
WITHDRAWAL,
SALES. SALES GAISANO MALL DAVAO, P 37,000. RETURNS , SALES
DISCOUNT, PURCHASES,
1/16/2018 Paid the account with GAISANO MALL, P
PURCHASE 234,000.
RETURNS,
PURCHASE 1/17/2018 Sold merchandise to GHI Merchandising DISCOUNT,
FREIGHT IN, for cash, P 440,000. FREIGHT OUT,
SALARIES 1/17/2018 Paid Mr. JJ for the delivery of the EXPENSE AND 
merchandise to GHI Merchandising, P
RENT EXPENSE. 3,300. CAPS LOCK ALL
ANSWERS, USE 1/18/2018 Received goods from GHI Merchandising, SINGLE SPACE,
WITH COMMA P 38,000. BUT NO PESO
1/20/2018 Paid salaries of the employees, P 60,000
SIGN IN ALL Sold Merchandise to EFG Company on
FIGURES.
account, P 710,000 and received a down
payment of 350,000 and the balance is
payable n/30. Term: 10, 3/15. n/30
1/21/18 Returned merchandise purchase from DEF
Trading, P 28,000.
1/22/18 Received goods from EFG Company, P
15,000.
1/26/2018 Paid in full the account with GAISANO
MALL.
1/28/2018 Collected the account with EFG Company,
P 170,000.
2/1/2018 Paid P 42,000 for 3 months’ rent in
advance. Rent expense was debited upon
payment.
2/1/2018 Received a 12%, P 180,000, one year, note
receivable. The principal and interest are
due on February 1, 2019.
2/3/2018 Collected in full the account with EFG
Company.

2/4/2018 Purchased Merchandise on Account from

FIRMART MALL, P 290,000 and made a
down payment of P 70,000 and the balance
is payable n/30. Term: 3/10, n/30
2/5/2018 Paid the salaries of the employees, P 60,000
2/6/2018 Sold Merchandise to KLM Merchandising
on account, P 520,000. Term 20, 3/10, n/30.
2/20/2018 Paid the office supplies purchased on
account, P 8,000.
2/ Paid salaries of the employees, P 60,000.
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