Prepare journal entries Oct 7 Sold merchandise on credit to Lacson Retailers terms n/30, FOB shipping point P30,000 1. Purchased merchandise on credit from ORCAJADA Wholesalers terms n/30 FOB shipping point, ₱60,000 2. Paid Mendoza- corp for shipping charges on merchandise purchased on Oct 8, ₱2, 540 3. Purchase merchandise on credit from Ortiz imports terms n/30 FOB shipping ₱90,000. Freight prepared by Ortiz, ₱6,000. 4. Purchased office supplies on credit from Dedumo Corp, terms n/10, ₱24,000. 5. Returned damaged merchandise received from ORCAJADA Wholesalers on Oct 8 for credit ₱6,000. 6. Received check payment from Lacson Retailers for his purpose on Oct 7 7. Returned a portion of office supplies received on Oct 13 fro credit ₱4,000 8. Sold merchandise for cash, ₱18,000 9. Paid Ortiz imports fro purchase of Oct 10 10. Paid ORCAJADA Wholesalers the balance from the transactions on Oct 8 and 14 11. Accepted from Tagum Corp a return of merchandise, ₱2,000.
Prepare journal entries Oct 7 Sold merchandise on credit to Lacson Retailers terms n/30, FOB shipping point P30,000 1. Purchased merchandise on credit from ORCAJADA Wholesalers terms n/30 FOB shipping point, ₱60,000 2. Paid Mendoza- corp for shipping charges on merchandise purchased on Oct 8, ₱2, 540 3. Purchase merchandise on credit from Ortiz imports terms n/30 FOB shipping ₱90,000. Freight prepared by Ortiz, ₱6,000. 4. Purchased office supplies on credit from Dedumo Corp, terms n/10, ₱24,000. 5. Returned damaged merchandise received from ORCAJADA Wholesalers on Oct 8 for credit ₱6,000. 6. Received check payment from Lacson Retailers for his purpose on Oct 7 7. Returned a portion of office supplies received on Oct 13 fro credit ₱4,000 8. Sold merchandise for cash, ₱18,000 9. Paid Ortiz imports fro purchase of Oct 10 10. Paid ORCAJADA Wholesalers the balance from the transactions on Oct 8 and 14 11. Accepted from Tagum Corp a return of merchandise, ₱2,000.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...
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Prepare journal entries
Oct 7 Sold merchandise on credit to Lacson Retailers terms n/30, FOB shipping point P30,000
1. Purchased merchandise on credit from ORCAJADA Wholesalers terms n/30 FOB shipping point, ₱60,000
2. Paid Mendoza- corp for shipping charges on merchandise purchased on Oct 8, ₱2, 540
3. Purchase merchandise on credit from Ortiz
imports terms n/30 FOB shipping ₱90,000. Freight prepared by Ortiz, ₱6,000.
4. Purchased office supplies on credit from Dedumo Corp, terms n/10, ₱24,000.
5. Returned damaged merchandise received from ORCAJADA Wholesalers on Oct 8 for credit ₱6,000.
6. Received check payment from Lacson Retailers for his purpose on Oct 7
7. Returned a portion of office supplies received on Oct 13 fro credit ₱4,000
8. Sold merchandise for cash, ₱18,000
9. Paid Ortiz imports fro purchase of Oct 10
10. Paid ORCAJADA Wholesalers the balance from the transactions on Oct 8 and 14
11. Accepted from Tagum Corp a return of merchandise, ₱2,000.
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