Required:1. Journalize the transactions under the periodic inventory system2. Post the journal entries to the ledger using the following account titles:Cash, Accounts receivables, Accounts payable, Sales, Sales discount,Sales returns & allowances, Purchases, Purchase discounts and Purchasereturns & allowances.3. Prepare the Trial Balance as May 31, 2019.Purchased merchandise for P 50,000 on credit, terms 2/10, n/30Sold merchandise for P 5,000 on credit, terms 2/30, n/30Returned P 10,000 of the merchandise purchased on May 6 for credit.Paid merchandise purchased dated May 6, less return and discount.Received payment from the customer of May 10 with less discount.Sold merchandise for P 10,000 on credits, term 2/10, n/30.Customer of May 22 returned P 2,000 of merchandise for credit.Purchased merchandise for P 20,000 on credit, terms n/30.May 610121518222730

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Description: Required:1. Journalize the transactions under the periodic inventory system2. Post the journal entries to the ledger using the following account titles:Cash, Accounts receivables, Accounts payable, Sales, Sales discount,Sales returns & allowances, P

Working Notes for Net Payment to Creditors : (1) Merchandise Purchased on Credit = P 50,000 (2) Less…

Business

Accounting

Journalize the transactions under the periodic inventory system Post the journal entries to the ledger using the following account titles: Cash, Accounts receivables, Accounts payable, Sales, Sales discount, Sales returns & allowances, Purchases, Purchase discounts and Purchase returns & allowances. Prepare the Trial Balance as May 31, 2019.

Journalize the transactions under the periodic inventory system Post the journal entries to the ledger using the following account titles: Cash, Accounts receivables, Accounts payable, Sales, Sales discount, Sales returns & allowances, Purchases, Purchase discounts and Purchase returns & allowances. Prepare the Trial Balance as May 31, 2019.

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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