COMPLETE THE JOURNALIZING Add 12% VAT to all sales, purchases and freight invoices. JOURNALIZE2015Received additional cash investment from Hershey Chan, P230,000 andmerchandise worth P75,000.Issued check no. 1781 in payment for the previous month's light and water bills,P2,500.Sold merchandise for cash with a list price of P30,000 and a trade discount of 10%.Issued invoice no. 8121 to Atty. Edward Rudolf for merchandise sold on account,P18,500. Terms: 2/5, n/30.Granted 10% allowance on the merchandise sold to Atty. Rudolf.Purchased merchandise on account from AZ Commodities, P25,000. Terms: 2/5, n/45,FOB shipping point.Paid bill received from Cargo Shipping Co. for freight of the merchandise dated Dec.7,Dec. 134579P1,300.Received payment from Atty. Rudolf.Issued check no. 1782 in payment of the account to AZ Commodities.Issued check no. 1783 in payment of the cash purchases amounting P13,800.Bought office equipment from Hi-Tech Company, P50,000. Terms: 20% downpayment, balance 5/15, n/60.Issued check no. 1784 in payment of the salaries of the employees, P 20,000 less5% withholding taxIssued invoice no. 1822 to Engr. Luisito Ventura for sales on account, P10,500.Terms: n/30.101213141517Cash sales, P17,850.Refunded customer for merchandise delivered with defects, P800, (without VAT).Purchased more store supplies on account from Vietorino Supplies, P3,900.Terms: 5%/ eom.Received loan proceeds from Worldwide Banking Corporation: principal amount,P120,000; interest deducted in advance, P12,000. Hershey Chan issuedpromissory note for this loanPurchased merchandise on account from Optima General Merchandise, P15,000.Terms: 5/10, n/30Issued check no. 1785 for cash purchases of merchandise, P18,600.Received refund from supplier due to deliveries with defects, P2,000, ( without VAT)Issued invoice no. 8123 to Architect Paulita Vizmonte for sales on account,P7,500. Terms: n/30.Issued invoice no. 8124 to Dr. Renato Wilbert for sales on account, P9,800.Terms: 20% downpayment. 2/5, n/30.Paid amount due Hi-Tech Company for Dec. 14 transaction.Issued check no. 1786 in payment of more store supplies from Victorino Supplies,P2,000.Paid amount due Victorino Supplies for transaction dated December 20Issued check no. 1787 in payment of the salaries of the employees, P20,000 less5% Withholding tax, 3% SSS, 1.5 Philhealth and 2% Pag-IBIG.Close input tax against output tax1819202123252628292930313131 DateAccounts title and explanationDebitCredit01-Dec Cash230,000Merchandise inventory75,000НС Саpital305,000[To record the cash and inventory brought in as capital]03-Dec Accounts payable2,500Bank2,500[To record the light and water bills due paid]04-Dec Cash [$30,000 × 90%] + [$27,000 ×30,240Sales revenue27,000VAT payable3,240[To record the sales made on cash]05-Dec Accounts receivable20,720Sales revenue18,500VAT payable2,220[To record the sales made to AER on credit]06-Dec Sales returns and allowances [$181,850VAT Payable [$2,220 × 10%]222Accounts receivable2,072[To record the allowance granted to AET]07-Dec Merchandise inventory25,0003,000Input VAT [$25,000 x 12%]Accounts payable28,000[To record the merchandise purchased on credit from AZ Commodities]09-Dec Merchandise inventory1,300Input VAT [$1,300 × 12%]156Cash1,456[To record the freight paid]10-Dec Cash20,350Sales discount [$18,500 × 2%]370Accounts receivable20,720[To record the amount due received from AER]12-Dec Accounts payable28,000Merchandise inventory [$25,000 × 2%]500Bank27,500[To record the payment due to AZ commodities paid]13-Dec Merchandise inventory13,800Input VAT [$13,800 x 12%]1,656Cash15,456[To record the purchase of merchandise inventory for cash]14-Dec Office equipment50,000Cash [$50,000 × 20%]10,000Accounts payable40,000[To record the purchase of office equpment]15-Dec Salaries expense20,000Bank19,000Withholding tax payable [$20,000 × 5%]1,000[To record the salaries paid after deducting withholding tax]17-Dec Accounts receivable11,760Sales revenue10,500VAT payable1,260[To record the sales made to ELV on credit]18-Dec Cash $17,850 + [$17,850 × 12%]19,992Sales revenue17,850VAT payable2,142[To record the sales made on cash]19-Dec Sales returns and allowances800Cash800[To record the refund made to customer for defects]

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