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Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000 Mar 10 - Received sales returns, P25,000 from March 2 sales Mar 15 - Collected sales on March 2 Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000   Required: Journalize the above transactions using PERPETUAL METHOD (Assume that cost of sales is 60% of the invoice price)

Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000 Mar 10 - Received sales returns, P25,000 from March 2 sales Mar 15 - Collected sales on March 2 Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000   Required: Journalize the above transactions using PERPETUAL METHOD (Assume that cost of sales is 60% of the invoice price)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bookmoto Marketing has the following transactions for the month of March, 200x:

Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000

Mar 10 - Received sales returns, P25,000 from March 2 sales

Mar 15 - Collected sales on March 2

Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000

 

Required: Journalize the above transactions using PERPETUAL METHOD (Assume that cost of sales is 60% of the invoice price)

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