Kindly answer number 8. Thank you O Record in special journals the following transactions of Emmanuel Trading whichPurchased merchandise from San Jose Company for P6,500. Terma, 20Purchased merchandise from Paramount Supply Company for 13,000Sold merchandise to R. Martirez for P4,000. terms: 25% downpayment,Collected in full account of Minalin Traders. Paid for cost of advertisement,Received defective merchandise items returned by Minalin Traders fofficial receipts start with no. 001; cash vouchers with no. 1001; sales invoices withtook place in the first month of operations. Business papers are numbered asfollows8. Record the following transactions of Vista Trading which took place during the finOct. 1 - Mr. Victor Tablante invested P50,000 cash in a trading firm registeredEnEmmanuel29 -which we gave credit of P150.3- Bought atoPurchased30Jan. 2-n/30.31in The Daily Star amounting to P1,500.terms: 1/105- Sold merclSold mercmonth of business operations. Use special journals.Bought ofReceiveddefects on6-Vista Trading.2 - Paid business taxes and licenses amounting to P750.Paid rent for the month of P3,500.Cash sales for the week amounted to P8,200.Sold mercPurchasedownpayPaid Tra5 -6 -9 -10Terms: Less 5%, 2/10, n/3010 -Paid salataxes tot12 -balance n/30.11 -Purchased merchandise from Crown Enterprises for P13,000. terms:2513-Sold MeCollected30.12Paid freight on the above purchase, P550.Sold merchandise to O. Santos for P6,000 for which we accepted a 15-154promissory note.Cash sales for the week amounted to P4,200.14 -1515Paid Ace16DiscounBank.181617Paid one-half of our account with Paramount Supply Company.Paid in full account with Crown Enterprises.PurchasInvoice1918Sold merchandise to Apo Trading for P10,000. Terms: 2/15, n/30.Paid in full balance of account with Paramount Supply.Received defective merchandise items returned by Apo Trading for whichwe gave credit of P3,500.23The proto sell fSold me19 -20 -2022-2223PurchaInvoiceSold mCash sales for the week amounted to P3,500.24Received defective merchandise items returned by various cash customenfor which we gave a cash refund of P350.24 -2725CollectPurchased merchandise from MRC Trading for P2,750. Terms: C.0.D.29Collected in full account of Apo Trading.26Paid fpostagPaid T30Collected in full note of O. Santos plus interest due therein.2831Paid salaries for the month amounting to P12,000.29Sold m30Gave10 Set up the subno. 96-001 and journal vouchers with no. 96-1.Emmanuel TTaccounts:122599

Journal entry is the method to record the financial transaction in books of accounts.

in The 8.) Record the following transactions of Vista Trading which took place during the fin month of business operations. Use special journals. Mr. Vietor Tablante invested P50,000 cash in a trading firm registered Oct. 1 Vista Trading. Paid business taxes and licenses amounting to P750. 5- Paid rent for the month of P3,500. Cash sales for the week amounted to P8,200. Purchased merchandise from Paramount Supply Company for 13,000 2- 6. 10 Terms: Less 5%, 2/10, n/30 Sold merchandise to R. Martirez for P4,000. terms: 25% downpayment, 12- balance n/30. Purchased merchandise from Crown Enterprises for P13,000. terms:26 13 - 30. Paid freight on the above purchase, P550. Sold merchandise to O. Santos for P6,000 for which we accepted a 15-154 promissory note. Cash sales for the week amounted to P4,200. 14 15 16 Paid one-half of our account with Paramount Supply Company. Paid in full account with Crown Enterprises. 17 - 18 Sold merchandise to Apo Trading for P10,000. Terms: 2/15, n/30. Paid in full balance of account with Paramount Supply. Received defective merchandise items returned by Apo Trading for which we gave credit of P3,500, 23 - Cash sales for the week amounted to P3,500. Received defective merchandise items returned by various cash customeri for which we gave a cash refund of P350. Purchased merchandise from MRC Trading for P2,750. Terms: C.O.D. 29 19 20 - 22 24 - 27 Collected in full account of Apo Trading. Collécted in full note of O. Santos plus interest due therein. Paid salaries for the month amounting to P12,000. 30 31 Record in special journals the follau which

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...