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Accounting Activity

The document outlines a series of financial transactions for May 2020, detailing debits and credits across various accounts including cash, purchases, and accounts payable. It records initial investments, sales, expenses, and refunds, culminating in a total of 484,050 in transactions. The entries reflect the financial activities of a business, including capital investments, merchandise purchases, and customer sales.

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Leah P. Lorenzana
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20 views6 pages

Accounting Activity

The document outlines a series of financial transactions for May 2020, detailing debits and credits across various accounts including cash, purchases, and accounts payable. It records initial investments, sales, expenses, and refunds, culminating in a total of 484,050 in transactions. The entries reflect the financial activities of a business, including capital investments, merchandise purchases, and customer sales.

Uploaded by

Leah P. Lorenzana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Date Account Title and Explanation PR Debit

2020
May 1 Cash 101 P 105,000
J. Peru, Capital 301
To record initial investment

2 Purchases 501 15,900


Accounts Payable 201
To record bought merchandise

2 Equipment 150 15,000


Cash 201
To record bought equipment

4 Supplies 120 850


Cash 101
To record bought Supplies

5 Accounts Receivable 105 65,000


Sales 401
To record sold merchandise

5 Freight Out 506 250


Cash 101
To record for Freight

9 Accounts Payable 201 1,000


Purchase Return and Allowances 502
To record refund from Rendezvous Co.

12 Cash 101 62,725.0


Sales Discounts 410 2,275.0
Accounts Receivable
To record collected to customer

13 Accounts Payable 201 14,900


Cash 101
Purchase Discounts 503
To record payment for Rendezvous Co.

14 Purchases 501 35,400


Cash 101
To record bought merchandise
14 Cash 101 15,500
Notes Payable 202
To record borrowed money

15 Salaries 530 4,500


Cash 101
To record salaries expenses

17 Cash 101 900


Purchase Return and Allowances 502
To record refund from supplier

19 Purchases 501 15,250


Accounts Payable 201
To record bought merchandise

20 Freight In 504 750


Cash 101
To record for Freight

21 Cash 101 47,400


Sales 401
To record sold merchandise

24 Purchases 501 22,300


Cash 101
To record bought merchandise

27 J. Peru, Drawing 302 4,500


Cash 101
To record drawing

27 Accounts Payable 201 7,900


Cash 101
To record partial payment for CHED

28 Sales Returns and Allowances 402 1,500


Cash 101
To record refund from customer

29 Accounts Receivable 503 33,700


Sales 401
To record sold merchandise

30 Advertising 505 4,000


Utilities 540 550
Rent 510 2,500
Salaries 530 4,500
Cash 101
To record expense
P 484050
Credit

105,000

15,900

15,000

850

65,000

250

1,000

65,000

14,378.5
521.5

35,400
15,500

4,500

900

15,250

750

47,400

22,300

4,500

7,900

1,500
33,700

7,550

480050

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