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A company had the following transactions during december: • Sold merchandise on credit for PHP 5,000 terms 3/10, n/30. The items sold had a cost of PHP 3,500 • Purchased merchandise, for cash PHP720 • Purchased merchandise on credit for PHP 2,600 terms 1/20, n/30 • Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. • Received payment for merchandise sold on December 1 • Received a credit memorandum for the return of faculty merchandise purchased on December 4 for PHP600. • Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for PHP7,000, terms 2/10, n/30. The items had a cost of PHP4,900. •Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using perpetual inventory system. (Record all purchases initially at the gross invoice amount)

A company had the following transactions during december: • Sold merchandise on credit for PHP 5,000 terms 3/10, n/30. The items sold had a cost of PHP 3,500 • Purchased merchandise, for cash PHP720 • Purchased merchandise on credit for PHP 2,600 terms 1/20, n/30 • Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. • Received payment for merchandise sold on December 1 • Received a credit memorandum for the return of faculty merchandise purchased on December 4 for PHP600. • Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for PHP7,000, terms 2/10, n/30. The items had a cost of PHP4,900. •Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using perpetual inventory system. (Record all purchases initially at the gross invoice amount)

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter12: Special Journals
Section: Chapter Questions
Problem 1CP: Screpcap Co. had the following transactions during the first week of June: June 1Purchased...
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1.) A company had the following transactions during december: • Sold merchandise on credit for PHP 5,000 terms 3/10, n/30. The items sold had a cost of PHP 3,500 • Purchased merchandise, for cash PHP720 • Purchased merchandise on credit for PHP 2,600 terms 1/20, n/30 • Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. • Received payment for merchandise sold on December 1 • Received a credit memorandum for the return of faculty merchandise purchased on December 4 for PHP600. • Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for PHP7,000, terms 2/10, n/30. The items had a cost of PHP4,900. •Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using perpetual inventory system. (Record all purchases initially at the gross invoice amount)
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