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Activity 1 - Merchandising Concern

Mary Loque formed Merry Grocers on January 1, 2023 and invested $400,000 cash into the business. Throughout January, the business engaged in various cash and credit transactions including purchasing and selling merchandise, paying rent and other expenses. By January 31st, the business had paid salaries of $14,000, purchased merchandise for $10,000 cash, and Mary withdrew $10,000 for personal use. The cash book and cash receipt report are to be prepared to record and report on the company's cash transactions for the month.

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Cunanan, Malakhai Jeu
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47 views2 pages

Activity 1 - Merchandising Concern

Mary Loque formed Merry Grocers on January 1, 2023 and invested $400,000 cash into the business. Throughout January, the business engaged in various cash and credit transactions including purchasing and selling merchandise, paying rent and other expenses. By January 31st, the business had paid salaries of $14,000, purchased merchandise for $10,000 cash, and Mary withdrew $10,000 for personal use. The cash book and cash receipt report are to be prepared to record and report on the company's cash transactions for the month.

Uploaded by

Cunanan, Malakhai Jeu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Activity 1 – Merchandising Concern

Mary Loque formed Merry Grocers on January 1, 2023. The business completed the following
transactions for the month.

Jan. 1 Invested P400,000 cash in to the business.


3 Made a six-month advance payment for rent, P60,000.
5 Purchased office equipment to SM for cash, P55,000.
7 Purchased merchandise on credit from Orca Co., terms 7 days, FOB shipping point,
P60,000.
8 Sold merchandise on credit to Lace Co., terms 7 days, FOB shipping point, P30,000
(Invoice No. 001).
9 Paid Menzi Co. for shipping charges on merchandise purchased on Oct. 7, P2,540.
10 Purchased merchandised on credit from Ritz Co., terms 15 days, FOB shipping point,
P18,000. Paid P6,000 freight for the shipment in cash.
13 Purchased office supplies on credit from Isa Co., P24,000.
14 Sold merchandise on credit to Pebbles Co., terms 30 days, FOB shipping point,
P24,000 (Invoice No. 002).

16 Received payment wfrom Lace Co.


17 Paid Orca Co. from Jan. 7 purchases.
19 Sold merchandise for cash to Yes Yes Co., P18,000 (Invoice No. 003).

25 Purchased merchandise for cash to ABC Co., P10,000


27 Paid electricity and water bills for the month, P1,250.
30 Purchased merchandise on account to Rocky Co., terms 10 days, FOB destination,
P15,000.
31 Paid salaries for the month, P14,000.
31 Sold merchandise on account to Bricks Co., terms 10 days, FOB destination, P26,000
(Invoice No. 004). Paid freight in cash, P3,500.
31 Mary made a personal withdrawal of P10,000 for emergency purposes.
Required:

1. Develop a cash book using an MS excel spreadsheet.


2. Record the transactions in the cash book.
3. Prepare a cash receipt report for the month of January 2023 using MS excel without a
gridline.
4. Submit in canvas the MS excel spreadsheet and using the MSword prepare a cash receipt
report with a narrative description below.
5. This is an individual assignment.
6. Follow the following:

a. type this as a heading

date

type

description

value

sales

purchases

shipping charges

rent

office supplies

electricity and water

salaries

others

note (indicate here the account title affecting the transaction)

b. Type this as choices in type column

Cash Sales
AR Sales
Cash Purchases
AP Purchases
Advance Payment
Other Cash
Payment
Other Cash
Receipt

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