make the journal entries using periodic inventory system. without explanations Jim Tenorio operates Scent Company, a perfume and soap store. During May 2002, the following transactions were completed. May 8- Sold merchandise on account to Rustans, P11,000, VAT included. Terms: 2/10, n/30. 15- Recorded cash sales for the first half of May, P30,000, plus 10% VAT. 16- Sold merchandise on account to Robinsons, P8,000 plus 10% VAT. 17- Received defective goods from Rustans, P2,200, VAT included. 18- Received a check from Rustans for the amount owed on the May 8 sale. 30- Collected in full the account of Robinsons.
REQUIRED: make the
Jim Tenorio operates Scent Company, a perfume and soap store. During May 2002, the following transactions were completed.
May 8- Sold merchandise on account to Rustans, P11,000, VAT included. Terms: 2/10,
n/30.
15- Recorded cash sales for the first half of May, P30,000, plus 10% VAT.
16- Sold merchandise on account to Robinsons, P8,000 plus 10% VAT.
17- Received defective goods from Rustans, P2,200, VAT included.
18- Received a check from Rustans for the amount owed on the May 8 sale.
30- Collected in full the account of Robinsons.
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