Module-3- Assessment in Fundamentals PDF

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ASSESSMENTActivity 1 – Identify in which of the five journals each transaction must be recorded. The Letter of your answer before the number: A. General B. Cash Payments C. Purchases D. Cash Receipts E. Sales D 1. Receipt of a note in settlement of a customer’s account. C 2. Payment of interest of a...

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ASSESSMENT Activity 1 – Identify in which of the five journals each transaction must be recorded. The Letter of your answer before the number: A. General B. Cash Payments C. Purchases D. Cash Receipts E. Sales D 1. Receipt of a note in settlement of a customer’s account. C 2. Payment of interest of a mortgage. C 3. Note payable set to a creditor in settlement of an account. B 4. Payment of salaries. C 5. Purchase of merchandise on account. B 6. Purchase of merchandise for cash. D 7. Receipt of cash form a customer in settlement of an account. B 8. Cash refund to a customer. E 9. Sale of merchandise on account. B 10. Sale of merchandise for cash. Activity 2. Lorraine Company completed the following transactions during the month of August 2020. All credit sales have terms of 3/10, n/30, and all invoices are dated as at the transaction date. August

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Lorraine invested P104,000 of her funds in the business. Sold merchandise on account to J. De Claro, P64,000, Invoice No. 477. Sold merchandise on account to A. Espinosa, P108,000. Invoice no. 478 Sold P96,000 of merchandise for cash. Received payment from J. De Claro less discounts. Received payment form A. Espinosa less discounts. Sold merchandise to C. Labro on account, P124,000. Invoice No. 479. Borrowed P60,000 from the BDO by issuing a 10% note payable due in 3 months. C. Labro returned P22,000 merchandise from August 13 sale. Sold merchandise to B. Manlangit on account, P 34,000. Invoice no. 480 Collected amount due form C. Labro less returns and discounts. Received P12,000 from B. Manlangit Sold goods on account to S. Lego, P68,000. Invoice No. 481.

Requirement: Record the transactions in the appropriate journals. SALES JOURNAL Date

Invoice No.

Sold to

PR

Accounts Receivable Debit

VAT Output Credit

Sales Credit

CASH RECEIPTS JOURNAL Date

Received From

OR#

Cash DR

Date

Sales Discount DR

PR

Accounts Receivable CR

Sales CR

PURCHASE JOURNAL Purchased PR Purchase From Debit

Invoice No.

VAT Output CR

Sundry CR Accoun t

VAT Input

PR

Amoun t

Accounts Payable Credit

Credit

CASH PAYMENTS JOURNAL Date

Paid To

Chec k No.

Cash DR

Purchase Discount DR

PR

Accounts Payable CR

Purchase s CR

VAT Output CR

Sundry CR Accoun t

PR

Amoun t

DATE

GENERAL JOURNAL PARTICULARS PR

DEBIT

CREDIT...