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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QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…