Activity 1.2 Dayana Merchandising Dayana Company had the following transactions during December: a. Sold merchandise on credit for Php5,000, terms 3/10, n/30. The items sold had a cost of Php3,500. b. Purchased merchandise for cash, Php720. c. Purchased merchandise on credit for Php2,600, terms 1/20, n/30. d. Issued a credit memorandum for Php300 to a customer who returned merchandise purchased November 29. The returned items had a cost of Php210. e. Received payment for merchandise sold December 1. f. Received credit memorandum for the return of faulty merchandise purchased on December 4 for Php600. g. Paid freight charges of Php200 for merchandise ordered last month. (FOB shipping point). h. Paid for the merchandise purchased December 4 less the portion that was returned. i. Sold merchandise on credit for Php7,000, terms 2/10, n/30. The items had a cost of Php4,900. j. Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount.)
Activity 1.2 Dayana Merchandising Dayana Company had the following transactions during December: a. Sold merchandise on credit for Php5,000, terms 3/10, n/30. The items sold had a cost of Php3,500. b. Purchased merchandise for cash, Php720. c. Purchased merchandise on credit for Php2,600, terms 1/20, n/30. d. Issued a credit memorandum for Php300 to a customer who returned merchandise purchased November 29. The returned items had a cost of Php210. e. Received payment for merchandise sold December 1. f. Received credit memorandum for the return of faulty merchandise purchased on December 4 for Php600. g. Paid freight charges of Php200 for merchandise ordered last month. (FOB shipping point). h. Paid for the merchandise purchased December 4 less the portion that was returned. i. Sold merchandise on credit for Php7,000, terms 2/10, n/30. The items had a cost of Php4,900. j. Received payment for merchandise sold on December 24. Required: Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:**Activity 1.2 Dayana Merchandising**
Dayana Company had the following transactions during December:
a. Sold merchandise on credit for Php5,000, terms 3/10, n/30. The items sold had a cost of Php3,500.
b. Purchased merchandise for cash, Php720.
c. Purchased merchandise on credit for Php2,600, terms 1/20, n/30.
d. Issued a credit memorandum for Php300 to a customer who returned merchandise purchased November 29. The returned items had a cost of Php210.
e. Received payment for merchandise sold on December 1.
f. Received a credit memorandum for the return of faulty merchandise purchased on December 4 for Php600.
g. Paid freight charges of Php200 for merchandise ordered last month. (FOB shipping point).
h. Paid for the merchandise purchased on December 4 less the portion that was returned.
i. Sold merchandise on credit for Php7,000, terms 2/10, n/30. The items had a cost of Php4,900.
j. Received payment for merchandise sold on December 24.
**Required:** Prepare the general journal entries to record these transactions using a perpetual inventory system. (Record all purchases initially at the gross invoice amount.)
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