accounting

F

ebruary 13

th

, 2021:

16:30

-

18:00 (1.5 HRS)

ACT1600

/BBA1103

Quiz 2

(3%)

Date: February

13, 2021

Time

:

16:30

-

18:00 (1.5 HOURS)

Name:_________________________ ID:________________________ Section:_________

Selected accounts fro

m the chart of accounts of

Solo

Company are shown below

:

101 Cash

201

Accounts Payable

112 Accounts Receiva

ble 209

Output Tax

120 Inventory 401 Sales Revenue

126 Input tax

414 Sales Discounts

128 Supplies

505 Cost of Goods Sold

610

Salaries

Expense

The

cost of all merchandise sold was 70

%

of the sales price

.

During March

, Solo

Co

mpany

completed the following transactions

.

VAT of 7% is applicable

.

Mar

2

:

Purchased merchandise

from Fifa

Company,

$14,0

00, term n/30

.

4

:

Sold merchandise

to Mak

Compan

y,

$8,2

00

,

term n

/

30, Invoice no

.

204

.

7

:

Made cash sales

of

merchandise

for the week totaling $7,50

0

.

9

:

Paid in full

the amount owed to Fifa

Company, check no. 1124.

10

:

Purchased merchandise

from Jess

Corporation

.

$1

,500, term n/60

.

1

2

:

Received payment from Mak

Company for invoice no

.

204

.

13

:

Returne

d $20

0 worth of damaged go

ods purchased on account from Jess

Corporation

on March

10

.

14

:

Made cash sales

of merc

handise for the week totaling $5

,10

0

.

17

:

Sold merchandise to

Lin

Co

mpany $4,0

50, term n

/

30, invoice no

.

205

.

18

:

Purchased merchandise for cash

$1

,4

00, check no.1125.

23

:

Paid in

full the amount owed to Jess

Corporation, check no.1126.

25

:

Purchased

supplies

on account

from Mina

Compan

y

for

$9

0

0

.

27

:

Received payment from

Lin

Co

mpany

for invoice no

.

205

.

30

:

Paid sal

aries for the current month $1,5

00

, check no.

1127.

Instruction

:

Journalize the above transactions in the special journals and general journal

in the

answer sheet provided below.

February 13th, 2021: 16:30-18:00 (1.5 HRS)

ACT1600/BBA1103

Quiz 2 (3%)

Date: February 13, 2021

Time: 16:30-18:00 (1.5 HOURS)

Name:_________________________ ID:________________________ Section:_________

Selected accounts from the chart of accounts of Solo Company are shown below:

101 Cash 201 Accounts Payable

112 Accounts Receivable 209 Output Tax

120 Inventory 401 Sales Revenue

126 Input tax 414 Sales Discounts

128 Supplies 505 Cost of Goods Sold

610 Salaries Expense

The cost of all merchandise sold was 70% of the sales price. During March, Solo Company

completed the following transactions. VAT of 7% is applicable.

Mar 2: Purchased merchandise from Fifa Company, $14,000, term n/30.

4: Sold merchandise to Mak Company, $8,200, term n/30, Invoice no.204.

7: Made cash sales of merchandise for the week totaling $7,500.

9: Paid in full the amount owed to Fifa Company, check no. 1124.

10: Purchased merchandise from Jess Corporation. $1,500, term n/60.

12: Received payment from Mak Company for invoice no. 204.

13: Returned $200 worth of damaged goods purchased on account from Jess Corporation on March

10.

14: Made cash sales of merchandise for the week totaling $5,100.

17: Sold merchandise to Lin Company $4,050, term n/30, invoice no.205.

18: Purchased merchandise for cash $1,400, check no.1125.

23: Paid in full the amount owed to Jess Corporation, check no.1126.

25: Purchased supplies on account from Mina Company for $900.

27: Received payment from Lin Company for invoice no. 205.

30: Paid salaries for the current month $1,500, check no.1127.

Instruction: Journalize the above transactions in the special journals and general journal in the

answer sheet provided below.