Lenore Loqueque Homewares engaged in the following transactions in October: Sold merchandise on credit to Lacson Co., terms n/30, FOB'shipping point, P30,00. Oct. 7 Purchased merchandise on credit from Orcajada Co., terms n/30, FOB shipping point, P60,000. Paid Mendoza Co. for shipping charges on merchandise purchased on Oct. 8, P2,540. Purchased merchandise on credit from Ortiz Co., terms n/30, FOB shipping, P90,000. Freight prepaid by Ortiz, P6,000. Purchased office supplies on credit from Isagan Co., terms n/10, P24,000. Sold merchandise on credit to Pabelico Co., terms n/30, FOB shipping, P24,000. Returned damaged merchandise received from Orcajada Co. on Oct. 8 for credit, P6,000. 8 9 10 13 14 14 17 Received check payment from Lacson Co. 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 Co. for purchase of Oct. 10. "Paid Orcajada Co. the balance from the transaction on Oct. 8 and 14. Accepted from Pabelico Co. a return of merchandise, P2,000. 18 19 20 21 24 Follow this format below: Periodic Inventory System Accounts Perpetual Inventory System Date Debit Credit Date Accounts Debit Credit

Lenore Loqueque Homewares engaged in the following transactions in October: Sold merchandise on credit to Lacson Co., terms n/30, FOB'shipping point, P30,00. Oct. 7 Purchased merchandise on credit from Orcajada Co., terms n/30, FOB shipping point, P60,000. Paid Mendoza Co. for shipping charges on merchandise purchased on Oct. 8, P2,540. Purchased merchandise on credit from Ortiz Co., terms n/30, FOB shipping, P90,000. Freight prepaid by Ortiz, P6,000. Purchased office supplies on credit from Isagan Co., terms n/10, P24,000. Sold merchandise on credit to Pabelico Co., terms n/30, FOB shipping, P24,000. Returned damaged merchandise received from Orcajada Co. on Oct. 8 for credit, P6,000. 8 9 10 13 14 14 17 Received check payment from Lacson Co. 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 Co. for purchase of Oct. 10. "Paid Orcajada Co. the balance from the transaction on Oct. 8 and 14. Accepted from Pabelico Co. a return of merchandise, P2,000. 18 19 20 21 24 Follow this format below: Periodic Inventory System Accounts Perpetual Inventory System Date Debit Credit Date Accounts Debit Credit

Name: Please prepare journal entries using the Periodic Inventory System. An
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Description: Please prepare journal entries using the Periodic Inventory System. And also, please follow the format. Thank you and have a great day ahead!:) Requirement: Prepare journal entries using the following inventory systems:1) Periodic Inventory System2)

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

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Please prepare journal entries using the Periodic Inventory System. And also, please follow the format. Thank you and have a great day ahead!:)

Requirement: Prepare journal entries using the following inventory systems:
1) Periodic Inventory System
2) Perpertual Inventory System
Lenore Loqueque Homewares engaged in the following transactions in October:
Sold merchandise on credit to Lacson Co., terms n/30, FOB'shipping
point, P30,00.
Purchased merchandise on credit from Orcajada Co., terms n/30,
FOB shipping point, P60,000.
Paid Mendoza Co. for shipping charges on merchandise purchased
on Oct. 8, P2,540.
Purchased merchandise on credit from Ortiz Co., terms n/30, FOB
shipping, P90,000. Freight prepaid by Ortiz, P6,000.
Purchased office supplies on credit from Isagan Co., terms n/10,
P24,000.
Sold merchandise on credit to Pabelico Co., terms n/30, FOB
shipping, P24,000.
Returned damaged merchandise received from Orcajada Co. on Oct.
8 for credit, P6,000.
Received check payment from Lacson Co. 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 Co. for purchase of Oct. 10.
Paid Orcajada Co. the balance from the transaction on Oct. 8 and 14.
Accepted from Pabelico Co. a return of merchandise, P2,000.
Oct. 7
8
10
13
14
14
17
18
19
20
21
24
Follow this format below:
Periodic Inventory System
Perpetual Inventory System
Debit
Date
Accounts
Debit
Credit
Date
Accounts
Credit

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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