Activity 1.2 Dayana Merchandising Dayana Company had the following transactions during December: a. Sold merchandise on credit for Php5,000, terms 3/10, n/30. The items sold had a cost of Php3,500. b. Purchased merchandise for cash, Php720. c. Purchased merchandise on credit for Php2,600, terms 1/20, n/30. d. Issued a credit memorandum for Php300 to a customer who returned merchandise purchased November 29. The returned items had a cost of Php210. e. Received payment for merchandise sold December 1. f. Received credit memorandum for the return of faulty merchandise purchased on December 4 for Php600. g. Paid freight charges of Php200 for merchandise ordered last month. (FOB shipping point). h. Paid for the merchandise purchased December 4 less the portion that was returned. i. Sold merchandise on credit for Php7,000, terms 2/10, n/30. The items had a cost of Php4,900. j. Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount.)
Activity 1.2 Dayana Merchandising Dayana Company had the following transactions during December: a. Sold merchandise on credit for Php5,000, terms 3/10, n/30. The items sold had a cost of Php3,500. b. Purchased merchandise for cash, Php720. c. Purchased merchandise on credit for Php2,600, terms 1/20, n/30. d. Issued a credit memorandum for Php300 to a customer who returned merchandise purchased November 29. The returned items had a cost of Php210. e. Received payment for merchandise sold December 1. f. Received credit memorandum for the return of faulty merchandise purchased on December 4 for Php600. g. Paid freight charges of Php200 for merchandise ordered last month. (FOB shipping point). h. Paid for the merchandise purchased December 4 less the portion that was returned. i. Sold merchandise on credit for Php7,000, terms 2/10, n/30. The items had a cost of Php4,900. j. Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount.)
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Receivables
Section: Chapter Questions
Problem 8.6APR: Sales and notes receivable transactions The following were selected from among the transactions...
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