A special journal used to record all sales on account

A special journal used to record all purchases of merchandise on credit

A special journal used to record all receipts of cash from all sources

A special journal used to record all payments of cash for all purposes

A book of accounts that provides supporting details on individual balances, the total of which appears in a general ledger account

Standard percentage of value-added tax

An account in the ledger that shows all the total balance of the subsidiary accounts related to it

A report that manages how much their customers owe the company to make certain that the total of the balances in the subsidiary ledger account agrees with the control account

A listing of all the suppliers/companies from which the company owes money to ensure that the total of the balances in the subsidiary ledger account agrees with the control account

The excess of output tax over input tax

Meaning of BIR

A form of sales tax on consumption levied on the sale of goods and services and on the imports of goods

Issued invoice no. 9013 for sale on account to S. Geronimo, P 16,400

Purchased merchandise on credit terms 3/10, n/60 from C. Bautista Company, P 9,868

Sold merchandise for cash, P 4,308

Issued check no. 0012352 to purchase furniture for cash, P 8,740

Purchased merchandise on account from Rachelle Ann Distributing, P 3,650 

Collected interest revenue of P 1,775 

Issued invoice no. 9014 for sale on account to E. Santos Company, P 22,200 

Purchased merchandise for cash, P 4,572. Issued check no. 0012353 

Received P 16,072 from S. Geronimo in full settlement of her account 

Issued check no. 0012354 to pay C. Bautista the net amount owed, P 9,572 

Purchased office supplies on account from Mark B., Inc., P 1,764. Terms were net EOM. 

Sold merchandise on account to E. Santos Company, invoice no. 9015, P 3,550 

Sold merchandise on account to S. Regis, invoice no. 9016 for P 2,660 

Issued check no. 0012355 to pay Rachelle Ann Distributing the net amount owed, P 3,577 

Purchased furniture on account from C. Bautista Company, P 3,750 

Issued credit memo to S. Regis for P 2,660 for defective merchandise returned by S. Regis 

Issued invoice no. 9017 for credit sale to S. Geronimo, P 1,428 

Received P 2,756 from E. Santos Company in full settlement of its account 

Purchased merchandise on credit terms n/30 from Rachelle Ann Distributing, P 8,188 

Purchased merchandise on credit from C. Bautista Company, P2,580 

Issued check no. 0012356 to pay for insurance coverage, debiting Prepaid Insurance for P 4,000 

Borrowed P60,000 from the BDO by issuing a 10% note payable due in 3 months. 

Issued check no. 0012357 to pay utilities, P 5,812 

Borrowed P60,000 from the BDO by issuing a 10% note payable due in 3 months. 

Sold merchandise on account to S. Regis, issuing invoice no. 9018 for P 4,250 

Purchased merchandise with credit terms 2/10, n/30 from Mark B., Inc., P 21,700 

Returned damaged merchandise to Mark B., Inc., issuing a debit memo for P 2,700 

Sold goods to E. Santos Company issuing invoice no. 9019 for P 1,904 

Issued check no. 0012358 to pay Mark B., Inc., P 1,764 for the owed account 

Received P 1,428 from S. Geronimo for the credit account 

Issued check no. 0012359 to pay monthly salaries to employees, P 19,388 

Issued check no. 0012359 to pay monthly salaries to employees, P 19,388 

When special journals are used…

When a customer returns merchandise for a cash refund, the seller enters the transaction in the

On March 30, Ace Hardware received a check from a customer for payment of a P 6,000 invoice, dated March 22, with credit terms 1/10, n/45. On March 25, the customer returned P 600 of merchandise because it was defective. How would this transaction be recorded in Ace Hardware’s cash receipts journal?

ABC Co. issued a P 546 credit memo to a customer, Judy Ann, for inventory that Judy returned to ABC Co. because she received the wrong order. What entry must ABC Co. make?

Which journal should be used in recording the depreciation of an Office Equipment at the end of the accounting period?

If merchandise is sold on account to a customer for P 10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays the transportation costs of P 500, VAT-inclusive, the amount of the discount for early payment would be

1. How much amount will the buyer pay in full settlement of the account with the following conditions:

Invoice Date - August 16

List Price - P 70,000

Trade Discount - 10%, 20%

Credit Terms - 1/10/eom, n/60

Date Paid - August 31

(Assume that the company is a non-VAT registered business)

1. On April 4, 2021, XYZ Company purchased credit merchandise from Jordan Company, P 252,000, FOB shipping point, with terms 2/10, 1/15, n/30. XYZ then paid P 28,000 for shipping charges, and on April 11, XYZ returned P 5,600 of merchandise damaged  to Jordan Company and the amount was deducted from the account. On April 18, XYZ paid a full settlement of the account to Jordan Company. Assuming that Jordan Company uses a 12% VAT on their transactions, how much cash did Jordan Company receive from XYZ Company?

Assume that BGC Company is using the perpetual inventory method, and all sales are made at a gross profit of 50% of sales, and is VAT-registered business, with 12% VAT inclusive in the amounts of transactions. What would be the entry of BGC Company if she sold merchandise to Mr. David, P 11,200 with credit terms 2/10, n/30?

All are NOT recorded in the special journals, except

If ABC Company establishes a petty cash fund worth P 4,500, how much would be its VAT?

How much will be the VAT if JKL Company paid its employees salaries worth P46,500, less 5% withholding tax?