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. CAN YOU CHECK IF THIS ENTRIES IS RIGHT??? Date Accounts Titles Ref. Debit Credit 8 May 2002 Accounts Receivable 11,000 Sales 10,000 Output Tax 1,000 (Sales made on credit to Rustans) 15 Cash 33,000 Sales 30,000 Output Tax 3,000 (VAT amount added to cash sales) 16 Accounts Receivable 8,800 Sales 8,000 Output Tax 800 (Sales made to Robinsons and VAT charged) 17 Sales Return and Allowances 2000 Output Tax 200 Accounts Receivable 2200 (Goods returned by Rustans) 18 Cash 8624 Sales Discount 160 Output Tax 16 Accounts Receivable 8800 (Payment collected on May 8 within 10 days) 30 Cash 8,000 Output Tax 800 Accounts Receivable 8,800 (Payment made by Robinsons) 72,600 72,600

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...

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REQUIRED: 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.

CAN YOU CHECK IF THIS ENTRIES IS RIGHT???

Date	Accounts Titles	Ref.	Debit	Credit
8 May 2002	Accounts Receivable		11,000
		Sales		10,000
		Output Tax		1,000
	(Sales made on credit to Rustans)
15	Cash		33,000
		Sales		30,000
		Output Tax		3,000
	(VAT amount added to cash sales)

16	Accounts Receivable		8,800
		Sales		8,000
		Output Tax		800
	(Sales made to Robinsons and VAT charged)

17	Sales Return and Allowances		2000
	Output Tax		200
		Accounts Receivable		2200
	(Goods returned by Rustans)

18	Cash		8624
	Sales Discount		160
	Output Tax		16
		Accounts Receivable		8800
	(Payment collected on May 8 within 10 days)

30	Cash		8,000
	Output Tax		800
		Accounts Receivable		8,800
	(Payment made by Robinsons)


			72,600	72,600

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