Compu/t/e the General Ledger,Account: Purchases Account: Sales returning allowance DMMC INSTITUTE OF HEALTH SCIENCESFUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2FINAL PROJECTDMMC INSTITUTE OF HEALTH SCIENCESFUNDAMENTALS OF ACCOUNTING, BUSINESS AND MANAGEMENT 2FINAL PROJECTTransactionsDateOct.The Fashion RackChart of Accountslasued Check 602 for P4,200 to pay City Properties the monthly rent.1 Signed a three-month radio advertising contract with Cable Station KOTU for P4,800;issued Check 603 to pay the full amount in advance.2 Received P520 from Megan Greening, a credit customer, in payment of her account.Issued Official Receipt 302.2 Issued Check 604 to A Fashion Statement, a creditor, in full payment of Invoice 9387from previous month.merchandise on credit for P2,480 plus VAT of P297.60 to Dmitri Sayegh, Sales Invoice 241.4 Issued Check 605 for P937.50 to BMX Supply Co. for supplies. (Amount is VAT Exclusive.)4 Issued Check 606 for P8,594.60 for Today's Woman, a creditor, in payment of Invoice 5671(P8,770) less a cash discount (P175.40)5 Collected P1,700.00 on account from Emily Tran, a credit customer. Issued Official Receipt 303.5 Issued Check 607 for P1,666 to Classy Threads, a creditor, in payment of Invoice 3292 (P1,700)less a cash discount (P34).6 Had a cash sales pf P18,600 plus VAT of P2,232 during October 1-6. Issued Official Receipt 304-6.8 Received a check from James Jelmer, a credit customer, for P832 to pay the balance he owes.Issued Official Receipt 307.9 Sold merchandise on credit for P2,050 plus VAT of P246 to Emma Maldonado, Sales Invoice 242.10 Issued Check 608 for P1,445 to pay The City Daily for a newspapaper advertisement that appearedin October.AssetsRevenues101 Cash401 Sales111 Accounts Receivable402 Sales Returns and Allowances112 Allowance for Bad Debts121 Merchandise InventoryCost of Goods Sold3 Sold131 Supplies133 Prepaid Insurance134 Prepaid Advertising501 Purchases502 Freight-In503 Purchase Returns and Allowances141 Equipment504 Purchase Discounts142 Accumulated Depreciation-Equipment145 Input VATExpenses611 Advertising ExpenseLiabilities203 Accounts Payable229 Salaries Payable614 Depreciation Expense-Equipment617 Insurance Expense620 Bad Debt Expense230 Output VAT623 Janitorial Services Expense11 Purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8; theterms are 2/10, n/30. Amount does not include the 12% VAT12 Issued Check 609 for P375 to pay freight charges to Ace Freight Company, the trucking company,for purchased merchandise for P4,820 from A Fashion Statement, Invoice 9422, dated October 8;13 Had cash sales of P12,300 plus P1,476 VAT during October 8-13. Issued Official Receipts 308-10.15 Sold merchandise on credit for P1,940 plus VAT of P232.80 to James Helmer, Sales Invoice 243.16 Purchased discountinued merchandise from Acme Jobbers; pait for it immediately with Check 614 forP6,420. Amount does not include VAT. Invoice 32216 Received P510 on account from Dmitri Sayegh, a credit customer. Issued Official Receipt 311.18 Issued Check 610 for P7,200 to Therese Lorjay as a withdrawal for personal use.20 Had cash sales of P13,500 plus VAT P1,620 during October 15-20. Issued Official Receipts 312-16.22 Issued Check 611 to City Utilities for P1,112 to pay monthly electric bill.23 Issued Check 612 to BIR for P4,220 for its VAT Output from the month of September.24 Sold merchandise on credit to Burmei Py for P820 plus VAT of P98.40, Sales Invoice 244.25 Purchased merchandise on credit for P3,380 (Exclusive of VAT) from Classy Threads,Invoice 3418; tems 2/10, n/30.26 Issued Check 613 to regional Telephone for P780 to pay monthly telephone bill.27 Had cash sales of P14,240 plus VAT of P1,708.80 during October 22-27. Issued Official Receipts317-20.29 Sold merchandise on credit for P3,120 plus VAT of P374.40 to Emily Tran, Sales Invoice 245.629 Rent ExpenseOwner's Equity301 Therese Lorjay, Capital302 Therese Lorjay, Drawing399 Income Summary632 Salaries Expense635 Supplies Expense638 Telephone Expense644 Utilities Expense Account: Purchases returns & allowancesPostDateExplanationDebitCreditBalanceRef.

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