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Janet Matuguinas Traders engaged in the following transactions in October: Sold merchandise on credit to Lacson Retailers, terms n/30, FOB shipping point, P30,000. Purchased merchandise on credit from Orcajada Wholesalers, terms n/30, FOB Shipping point, P60,000. Paid Mendoza Corp for shipping charges on merchandise purchased on Oct 8, P2,540. Purchased merchandise on credit from Ortiz Imports, terms n/30, FOB Shipping, P90,000. Freight prepaid by Ortiz P6,000 Purchased office supplies on credit from Dedumo Corp, terms n/10 P24,000. Sold merchandise on credit to Tagum Corp, terms n/30, FOB shipping P24,000. Oct. 7 9 10 13 14

Janet Matuguinas Traders engaged in the following transactions in October: Sold merchandise on credit to Lacson Retailers, terms n/30, FOB shipping point, P30,000. Purchased merchandise on credit from Orcajada Wholesalers, terms n/30, FOB Shipping point, P60,000. Paid Mendoza Corp for shipping charges on merchandise purchased on Oct 8, P2,540. Purchased merchandise on credit from Ortiz Imports, terms n/30, FOB Shipping, P90,000. Freight prepaid by Ortiz P6,000 Purchased office supplies on credit from Dedumo Corp, terms n/10 P24,000. Sold merchandise on credit to Tagum Corp, terms n/30, FOB shipping P24,000. Oct. 7 9 10 13 14

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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Prepare the perpetual and periodic journal entry.
Journalizing Merchandising Transactions Janet Matuguinas Traders engaged in the following transactions in October: Oct. 7 Sold merchandise on credit to Lacson Retailers, terms n/30, FOB shipping point, P30,000. Purchased merchandise on credit from Orcajada Wholesalers, terms n/30, FOB Shipping point, P60,000. Paid Mendoza Corp for shipping charges on merchandise purchased on Oct 8, P2,540. Purchased merchandise on credit from Ortiz Imports, terms n/30, FOB Shipping, P90,000. Freight prepaid by Ortiz P6,000 Purchased office supplies on credit from Dedumo Corp, terms n/10 P24,000. Sold merchandise on credit to Tagum Corp, terms n/30, FOB shipping P24,000. Returned damaged merchandise received from Orcajada Wholesalers on Oct. 8 for credit, P6,000. Received check payment from Lacson Retailers for his purchase on Oct. 7 Returned a portion of the office supplies received on Oct. 13 for credit, P4,000. Sold merchandise for cash, P18,000. Paid Ortiz imports for purchase on Oct. 10 Paid Orcajada Wholesalers the balance from the transactions on Oct. 8 and 14. 8 9 10 13 14 14 17 18 19 20 21 24 Accepted from Tagum Corp. a return of merchandise, P2000.
Transcribed Image Text:Journalizing Merchandising Transactions Janet Matuguinas Traders engaged in the following transactions in October: Oct. 7 Sold merchandise on credit to Lacson Retailers, terms n/30, FOB shipping point, P30,000. Purchased merchandise on credit from Orcajada Wholesalers, terms n/30, FOB Shipping point, P60,000. Paid Mendoza Corp for shipping charges on merchandise purchased on Oct 8, P2,540. Purchased merchandise on credit from Ortiz Imports, terms n/30, FOB Shipping, P90,000. Freight prepaid by Ortiz P6,000 Purchased office supplies on credit from Dedumo Corp, terms n/10 P24,000. Sold merchandise on credit to Tagum Corp, terms n/30, FOB shipping P24,000. Returned damaged merchandise received from Orcajada Wholesalers on Oct. 8 for credit, P6,000. Received check payment from Lacson Retailers for his purchase on Oct. 7 Returned a portion of the office supplies received on Oct. 13 for credit, P4,000. Sold merchandise for cash, P18,000. Paid Ortiz imports for purchase on Oct. 10 Paid Orcajada Wholesalers the balance from the transactions on Oct. 8 and 14. 8 9 10 13 14 14 17 18 19 20 21 24 Accepted from Tagum Corp. a return of merchandise, P2000.
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