Journalize the transactions of a merchandising business using the periodic inventory system. Practice Exercise: Journalize the following transactions of GG Company Sept. 18 Purchased merchandise with a list price of P200,000. Tradediscount of 10%, 5% were given by the seller.GG Company was established on September 1, 2023 by Ms. Gina Gratil. Thefollowing transactions took place during the first month of operation.Sept. 1 Ms. Gina Gratil deposited P800,000 to the BPI in the name of GGCompany.2 Purchased merchandise for P50,000 from Andi Company onaccount. Terms 2/10, n/30.3. Sold merchandise to Drew Brothers Inc. for P35,000 on account.Terms 2/10, n/30.4 Paid rent for the month, P75,000.7 Purchased merchandise for P210,000 from Klin Inc. on account.Terms 2/10, n/30.7 Sold merchandise for P87,500 on account to Lyn Trading.10 A note was issued in the amount of P500,000 for a loan from BPI.19 Purchased merchandise from Ilo-ilo worth P80,000 on account,2/10, n/30. Shipment term: FOB Destination.20 Returned damaged goods costing P20,000 to Klin Inc.21 Freight cost of P6,000 was paid for the purchase from Ilo-ilo.22 Sold merchandise to Paul Merchandising on account, P75,000.25 Paid Andi Company for Sept. 2 purchase.26 Issued credit of P10,000 to Lyn Trading for returned damagedmerchandise.28 Sold merchandise worth P120,000 on account to MirmoCompany (a customer from Cebu). Terms: 2/10, n/30. Themerchandise will be shipped FOB Shipping Point.28 GG Company paid the freight of P5,000 for the sale to Mirmo.30 Cash sales for the month was P49,200.13 Received payment from Drew Brothers Inc.14 Purchased office supplies for cash, P8,500.30 Paid sales commission of P25,000.15 Paid the salaries of employees for first half of the month, P35,000. 30. Paid the salaries of employees for the second half P39,000.16 Paid P20,000 for a one year insurance policy.

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Description: Journalize the transactions of a merchandising business using the periodic inventory system. Practice Exercise: Journalize the following transactions of GG Company Sept. 18 Purchased merchandise with a list price of P200,000. Tradediscount of 10%, 5%

Periodic inventory system is that inventory system under which all purchases and sales of inventory…

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Business

Accounting

Journalize the transactions of a merchandising business using the periodic inventory system.

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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Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…
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