The following are purchase transactions on account of JC Clothing Store for the month of June. Assume that the invoice amount including non-merchandise is inclusive of 12% value added tax. June 1 Purchased merchandise from Hagen Clothing for P7,840.00 per invoice 10256, terms, 2/10, n/30 Purchased Office Equipment from Giorge Computers for P13,440.00 per invoice 21789 8 15 Purchased merchandise from Glow company P9,408.00 per invoice 17255, Terms 2/10, 2/30 22 Purchased merchandise from Lucky Enterprise for P10,360.00 per invoice 011523, 2/10, n/30 29 Purchased merchandise from Bloom Bazaar for P12,040.00 per invoice 31458, 2/10, n/30 Required: a. Record the June transactions in the Purchase Journal b. Post each individual account in the Purchase Journal in the account payable subsidiary ledger c. Total and rule the Purchases Journal.

The following are purchase transactions on account of JC Clothing Store for the month of June. Assume that the invoice amount including non-merchandise is inclusive of 12% value added tax. June 1 Purchased merchandise from Hagen Clothing for P7,840.00 per invoice 10256, terms, 2/10, n/30 Purchased Office Equipment from Giorge Computers for P13,440.00 per invoice 21789 8 15 Purchased merchandise from Glow company P9,408.00 per invoice 17255, Terms 2/10, 2/30 22 Purchased merchandise from Lucky Enterprise for P10,360.00 per invoice 011523, 2/10, n/30 29 Purchased merchandise from Bloom Bazaar for P12,040.00 per invoice 31458, 2/10, n/30 Required: a. Record the June transactions in the Purchase Journal b. Post each individual account in the Purchase Journal in the account payable subsidiary ledger c. Total and rule the Purchases Journal.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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