The following selected transactions were completed by Padre Co. during October of the current year. Required: (a) Journal Entries (b) Ledger Accounts (c) Trial Balance Oc. Purchased merchandise from Wood Co., P15,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of P400 was added to the invoice. Purchased merchandise from Davis Co., P14,150, terms FOB destination, n/30. 10 Paid Wood Co. for invoice of October 1, less discount. 13 Purchased merchandise from Folts Co., P8,000, terms FOB destination, 1/10, n/30. 14 Issued debit memo to Folts Co. for P1,500 of merchandise returned from purchase on October 13. 18 Purchased merchandise from Lakey Company, P12,250, terms FOB shipping point, n/eom. 18 Paid freight of P180 on October 18 purchase from Lakey Company. 19 Purchased merchandise from Noman Co., P11,150, terms FOB destination, 2/10, n/30. 23 Paid Folts Co. for invoice of October 13, less debit memo of October 14 and discount. 29 Paid Noman Co. for invoice of October 19, less discount. 31. Paid Lakey Company for invoice of October 18. 31 Paid Davis Co. for invoice of October 5.

College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
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The following selected transactions were completed by Padre Co. during October of the current year.
Required: (a) Journal Entries (b) Ledger Accounts (c) Trial Balance
Oc.
Purchased merchandise from Wood Co., P15,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of P400 was added to the invoice.
Purchased merchandise from Davis Co., P14,150, terms FOB destination, n/30.
10
Paid Wood Co. for invoice of October 1, less discount.
13
Purchased merchandise from Folts Co., P8,000, terms FOB destination, 1/10, n/30.
14
Issued debit memo to Folts Co. for P1,500 of merchandise returned from purchase on October 13.
18
Purchased merchandise from Lakey Company, P12,250, terms FOB shipping point, n/eom.
18
Paid freight of P180 on October 18 purchase from Lakey Company.
19
Purchased merchandise from Noman Co., P11,150, terms FOB destination, 2/10, n/30.
23
Paid Folts Co. for invoice of October 13, less debit memo of October 14 and discount.
29
Paid Noman Co. for invoice of October 19, less discount. 31. Paid Lakey Company for invoice of October 18.
31
Paid Davis Co. for invoice of October 5.
Transcribed Image Text:The following selected transactions were completed by Padre Co. during October of the current year. Required: (a) Journal Entries (b) Ledger Accounts (c) Trial Balance Oc. Purchased merchandise from Wood Co., P15,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of P400 was added to the invoice. Purchased merchandise from Davis Co., P14,150, terms FOB destination, n/30. 10 Paid Wood Co. for invoice of October 1, less discount. 13 Purchased merchandise from Folts Co., P8,000, terms FOB destination, 1/10, n/30. 14 Issued debit memo to Folts Co. for P1,500 of merchandise returned from purchase on October 13. 18 Purchased merchandise from Lakey Company, P12,250, terms FOB shipping point, n/eom. 18 Paid freight of P180 on October 18 purchase from Lakey Company. 19 Purchased merchandise from Noman Co., P11,150, terms FOB destination, 2/10, n/30. 23 Paid Folts Co. for invoice of October 13, less debit memo of October 14 and discount. 29 Paid Noman Co. for invoice of October 19, less discount. 31. Paid Lakey Company for invoice of October 18. 31 Paid Davis Co. for invoice of October 5.
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