Reference no: EM133057631
Question - On January 1, 2019, Mr. XYZ decided to start with a business on his own under the trade name XYZ Distributors. The following are the transactions for the month of January 2019: January 1 Mr. XYZ invested the following:
Bank deposit with BPI, P750,000.
Merchandise with a fair value of P275,000.
Furniture and Equipment with acquisition cost of 1,700,000 and fair value of 1,450,000.
Service vehicle with cost of 1,700,000.
Supplies inventory realizable at P13,000 with past purchase price of P20,000. January 2 Purchased merchandise in cash costing P250,000, FOB Shipping Point, Freight Prepaid P3,000. January 3 Returned P7,000 cost of merchandise due to some defects and no replacements have been made. January 5 Sold merchandise for cash P130,000 to Mr. ABC, FOB Shipping Point, Freight Prepaid P7,000. Mr. XYZ gave a 3% trade discount to Mr. ABC. Prepare the necessary and appropriate journal entries, the corresponding adjusting entries, and an 8-column worksheet.
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