EVALUATION: A company had the following transactions during December: • Sold merchandise on credit for P5,000, terms 3/10, n/30. The items sold had a cost of P3,500. 17 Purchased merchandise for cash, P720. • Purchased merchandise on credit for P2,600, terms 1/20, n/30. • Issued a credit memorandum for P300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of P210. • Received payment for merchandise sold on December 1. • Received a credit memorandum for the return of faulty merchandise purchased on December 4 for P600. • Paid freight charges of P200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for P7,000, terms 2/10, n/30. The items had a cost of P4,900. Received payment for merchandise sold on December 24.
EVALUATION: A company had the following transactions during December: • Sold merchandise on credit for P5,000, terms 3/10, n/30. The items sold had a cost of P3,500. 17 Purchased merchandise for cash, P720. • Purchased merchandise on credit for P2,600, terms 1/20, n/30. • Issued a credit memorandum for P300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of P210. • Received payment for merchandise sold on December 1. • Received a credit memorandum for the return of faulty merchandise purchased on December 4 for P600. • Paid freight charges of P200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for P7,000, terms 2/10, n/30. The items had a cost of P4,900. Received payment for merchandise sold on December 24.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
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Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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Prepare the journal entry using perpetual inventory system and periodic inventory system.
![EVALUATION:
A company had the following transactions during December:
• Sold merchandise on credit for P5,000, terms 3/10, n/30. The items sold had
a cost of P3,500.
17
• Purchased merchandise for cash, P720.
• Purchased merchandise on credit for P2,600, terms 1/20, n/30.
• Issued a credit memorandum for P300 to a customer who returned
merchandise purchased on November 29. The returned items had a cost of
P210.
• Received payment for merchandise sold on December 1.
• Received a credit memorandum for the return of faulty merchandise
purchased on December 4 for P600.
• Paid freight charges of P200 for merchandise ordered last month (FOB
shipping point).
• Paid for the merchandise purchased on December 4, less the portion that
was returned.
• Sold merchandise on credit for P7,000, terms 2/10, n/30. The items had a
cost of P4,900.
• Received payment for merchandise sold on December 24.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F78c3c040-2c18-4e50-9c1c-388680abd3e3%2F3afbe58e-a15c-4c80-8142-5ee877d76b64%2Futn81e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:EVALUATION:
A company had the following transactions during December:
• Sold merchandise on credit for P5,000, terms 3/10, n/30. The items sold had
a cost of P3,500.
17
• Purchased merchandise for cash, P720.
• Purchased merchandise on credit for P2,600, terms 1/20, n/30.
• Issued a credit memorandum for P300 to a customer who returned
merchandise purchased on November 29. The returned items had a cost of
P210.
• Received payment for merchandise sold on December 1.
• Received a credit memorandum for the return of faulty merchandise
purchased on December 4 for P600.
• Paid freight charges of P200 for merchandise ordered last month (FOB
shipping point).
• Paid for the merchandise purchased on December 4, less the portion that
was returned.
• Sold merchandise on credit for P7,000, terms 2/10, n/30. The items had a
cost of P4,900.
• Received payment for merchandise sold on December 24.
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