Required: Journal Entries using PERIODIC INVENTORY SYSTEM 1- Paid P300 for store supplies bought from ABC Store. 7- Bought a typewriter from Honk Store for office use, P15,000. Terms: 2/10, n/30. 7- Paid the freight for the above purchase, P500. 8- Cash purchases, P6,000. 9- Bought merchandise from NOA Company, P20,000. Terms: 2/10, n/30. FOB Shipping point. 9- Paid freight for the above merchandise, P 300. 10- Account purchases from: Lilet P 15,000 2/10, n/30 Marimar 10,000 2/10, n/30 12- Received a credit memo for P1,000 from NOA for goods returned to them. 15- Bought merchandise from Mr. Cruz, P15,000. Terms: Down payment of P5,000 and the balance, a 6% 10-day note. 17- Paid in full the account on the 7th. 19- Paid in full the account on the 9th. 20- Account purchases from MNO Trading, P10,000. Terms: 10 and 10, 2/10, n/30. 21- Paid the freight for the above goods. 22- Paid in full the account to Litlet on the 10th. 24- Issued a 30-day note in settlement of the account to Marimar on the 10th. 25- Paid the note on January 15. 31- Paid in full the account to MNO Trading on January 20.
Required:
1- Paid P300 for store supplies bought from ABC Store.
7- Bought a typewriter from Honk Store for office use, P15,000. Terms: 2/10,
n/30.
7- Paid the freight for the above purchase, P500.
8- Cash purchases, P6,000.
9- Bought merchandise from NOA Company, P20,000. Terms: 2/10, n/30. FOB
Shipping point.
9- Paid freight for the above merchandise, P 300.
10- Account purchases from:
Lilet P 15,000 2/10, n/30
Marimar 10,000 2/10, n/30
12- Received a credit memo for P1,000 from NOA for goods returned to them.
15- Bought merchandise from Mr. Cruz, P15,000. Terms: Down payment of
P5,000 and the balance, a 6% 10-day note.
17- Paid in full the account on the 7th.
19- Paid in full the account on the 9th.
20- Account purchases from MNO Trading, P10,000. Terms: 10 and 10, 2/10,
n/30.
21- Paid the freight for the above goods.
22- Paid in full the account to Litlet on the 10th.
24- Issued a 30-day note in settlement of the account to Marimar on the 10th.
25- Paid the note on January 15.
31- Paid in full the account to MNO Trading on January 20.
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