Problem #2:

GUZON BOOK DISTRIBUTORS

General Journal

Date Particulars PR Debit Credit

2021
May 15 Purchases 91,800
Accounts Payable 91,800
Credit purchases. Terms: 2/10, n/30

20 Accounts Payable 91,800

Purchase Discounts 1,836
Cash 89,964
Settlement of accounts less 2%
discount

Problem #8
JOEY BERINGUELA PHARMACY
General Journal

Date Particulars PR Debit Credit

20x1
Oct 6 Purchases ₱ 20,000
Freight-in 7,000
Cash ₱ 20,000
Accounts Payable 7,000
Cash purchases; FOB Shipping Point

12 Purchases 700,000
Accounts Payable 700,000
Credit purchases

15 Accounts Payable 50,000

Purchases Returns and Allowances 50,000
Returned purchases bought on account

17 Accounts Payable 650,000

Purchase Discounts 19,500
Cash 630,500
Settlement of accounts less 3% discount
 19 Accounts Payable 7,000
Cash 7,000
Payment of freight

Problem #11
a.
ILANO
General Journal
Page 1
Date Particulars PR Debit Credit
2021
June 16 Accounts Receivable ₱ 6,000
Sales ₱ 6,000
Credit sales. Terms: 2/10, n/30; FOB
Shipping Point-Freight Collect

24 Cash 5,880
Sales Discount 120
Accounts Receivable 6,000
Settlement of accounts from Pascual

PASCUAL
General Journal
Page 1
Date Particulars PR Debit Credit
2021
June 16 Purchases ₱ 6,000
Accounts Payable ₱ 6,000
Credit purchases. Terms: 2/10, n/20;
FOB
Shipping Point-Freight Collect

17 Freight-in 600
Cash 600
Payment of freight charges

24 Accounts Payable 6,000

Purchase Discounts 120
Cash 5,880
Settlement of accounts less 2% discount
b.
ILANO
General Journal
Page 1
Date Particulars PR Debit Credit
2021
June 16 Accounts Receivable ₱ 6,000
Freight-out 600
Sales ₱ 6,000
Cash 600
Credit sales. Terms: 2/10, n/30; FOB
Destination Point-Freight Prepaid

24 Cash 5,880
Sales Discount 120
Accounts Receivable 6,000
Settlement of accounts from Pascual

PASCUAL
General Journal
Page 1
Date Particulars PR Debit Credit
2021
June 16 Purchases ₱ 6,000
Accounts Payable ₱ 6,000
Credit purchases. Terms: 2/10, n/20;
FOB
Desination Point-Freight Prepaid

24 Accounts Payable 6,000

Purchase Discounts 120
Cash 5,880
Settlement of accounts less 2% discount

c.
ILANO
General Journal
Page 1
Date Particulars PR Debit Credit
2021
June 16 Accounts Receivable ₱ 6,600
Sales ₱ 6,000
 Cash 600
Credit sales. Terms: 2/10, n/30; FOB
Shipping Point-Freight Prepaid

24 Cash 6,480
Sales Discount 120
Accounts Receivable 6,600
Settlement of accounts from Pascual

PASCUAL
General Journal
Page 1
Date Particulars PR Debit Credit
2021
June 16 Purchases ₱ 6,000
Freight-in 600
Accounts Payable ₱ 6,600
Credit purchases. Terms: 2/10, n/30;
FOB Shipping Point-Freight Prepaid

24 Accounts Payable 6,600

Purchase Discounts 120
Cash 6,480
Settlement of accounts less 2% discount

d.
ILANO
General Journal
Page 1
Date Particulars PR Debit Credit
2021
June 16 Accounts Receivable ₱ 5,400
Freight-out 600
Sales ₱ 6,000
Credit sales. Terms: 2/10, n/30; FOB
Destination Point-Freight Collect

24 Cash 5,280
Sales Discount 120
Accounts Receivable 5,400
Settlement of accounts from Pascual
 PASCUAL
General Journal
Page 1
Date Particulars PR Debit Credit
2021
June 16 Purchases ₱ 6,000
Accounts Payable ₱ 5,400
Cash 600
Credit purchases. Terms: 2/10, n/20;
FOB
Desination Point-Freight Collect

24 Accounts Payable 5,400

Purchase Discounts 120
Cash 5,280
Settlement of accounts less 2% discount
Problem #4
EDGEL ABEAR CAR REPAIRS SHOP
Order Date Shipped Amount
B July 10 ₱ 75,000
C 16 40,000
D 23 60,000
E 27 75,000
Total Purchases ₱ 250,000

EDGEL ABEAR CAR REPAIRS SHOP

Order Date Received Amount
A June 26 ₱ 30,000
B July 10 75,000
C 16 40,000
D 23 60,000
Total Purchases ₱ 205,000
Problem #5 Problem #10
1. List Price ₱ 224,000 1. Purch
Less: Trade Discount (30%) 67,200 a. ₱
Invoice Price ₱ 156,800 b.
Less: Purchase Returns & Allowances 21,000
Total ₱ 135,800
Less: Cash Discounts (2%) 2,716 2. Purch
Add: Freight-in 4,000 a. ₱
Total amount ₱ 137,084 b.

2. List Price ₱ 126,000

Less: Trade Discount (20%) 25,200 Ca
Invoice Price ₱ 100,800
Less: Cash Discount (1%) 1,008
Total amount ₱ 99,792

3. List Price ₱ 90,000 3. Purch

Less: Purchase Returns and Allowances 7,000 a. ₱
Total ₱ 83,000
Less: Cash Discount (2%) 1,660
Add: Freight-in 2,000
Total amount ₱ 83,340 Purchases Returns
b. ₱

4. List Price ₱ 41,000

Less: Trade Discount (25%) 10,250 Purchase D

Invoice Price ₱ 30,750

Less: Purchase Returns and Allowances 9,000
Add: Freight-in 1,000 4. Purch
Total ₱ 22,750 a. ₱

5. List Price ₱ 357,000

Less: Trade Discount (20%) 71,400 Accounts
Invoice Price ₱ 285,600 b. ₱
Less: Purchase Returns and Allowances 24,000
Total 261,600
Less: Cash Discount (3%) 7,848
Total amount ₱ 253,752
Problem #10
Purchases Cash
35,000 a. ₱ 35,000
45,000 b. 45,000

Purchases Accounts Payable

40,000 c. ₱ 40,000 a. ₱ 40,000
28,000 d. 28,000 b. 28,000

Cash Purchase Discounts

c. ₱ 39,200 c. ₱ 800
d. 28,000

Purchases Accounts Payable

56,000 b. ₱ 6,000 a. ₱ 56,000
c. 50,000

Purchases Returns and Allowances Cash

6,000 c. ₱ 49,000

Purchase Discounts
c. ₱ 1,000

Purchases Freight-in
38,000 a. ₱ 800

Accounts Payable Cash

38,800 a. ₱ 38,800 b. ₱ 38,800