REQUIRED: make the journal entries using periodic inventory system without explanations. 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.
REQUIRED: make the
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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