REQUIRED: MAKE THE JOURNAL ENTRIES USING PERIODIC INVENTORY SYSTEM WITH LITTLE EXPLANATIONS Part 1 : 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.

Question

REQUIRED: MAKE THE JOURNAL ENTRIES USING PERIODIC INVENTORY SYSTEM WITH LITTLE EXPLANATIONS

Part 1 : 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.

 

Part II. 

Diana Villanueva  owns and operates the Dada Meat Mart. She opened the business on January 1, 2005 selling beef, pork chicken, canned goods and dairy products. Journalize the following transactions.

 

June     1          Purchased beef from Yssa’s farm, P 8,960. VAT included. Terms: 20%

down, balance 2/10, n/30.

 3               Purchased chicken and eggs from Josie’s Chicken House,P 6,000 list

price. Terms: Cash less 5% trade discount plus VAT.

 4               Issued a credit memo to Yssa’s farm for spoiled goods returned, P 540,

VAT excluded.

 11            Paid in full the account to Yssa’s farm.

 12            Bought pork from Johnny’s Piggery, P10,640, VAT included. Terms: 50%

down, balance 2/15, n/30. Freight of P150 was paid.  FOB destination.

 15            Paid Josie’s Chicken House in full of account.

 16            Cash purchases, P11,200, VAT included.

 20            Returned spoiled goods to Johnny’s Piggery, P1,120, VAT included.

 27        Paid in full the account with Johnny’s Piggery.

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