make a journal entry.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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make a
Transcribed Image Text:D 9 :=
X E D Jl 40% 2:33 PM
135469117_1...
Chapter 5
Accounting for Merchandising Businens
D. The following selected transactions occurred during the month of October for Carlos
Trading:
Oct. 1- Bought goods costing P 6,500 on credit from Marimar Trading terms
ENTA
2/10, n/30.
2: Sold merchandise on account to Billy Trading, P 5,000 terms 3/10
EOM.
3 - Paid freight on the purchase made'last October 1, P 300.
4 - Sold merchandise for cash P 12,600.
4 - Paid freight on the above sale, P 256.
5- Bought goods with a list price of P 5,000 terms COD with trade
discount of 8%.
6 - Received a 30-day 6% note from Cortez for merchandise sold, P 6,000,
6 - Bought tables on account from Lourdes Furniture, P 4,000 terms 3/20,
n/40.
7- Cash sales, P 12,500.
8- Cash purchases, P 8,400.
8 - Bought goods from Zorro Trading, P 10,000 terms 2/10 EOM.
8 - Issued a 60-day 6% note for P 2,000 for merchandise bought from Oca
Trading.
10 -
Bought goods from Alex Company, P 7,000 terms 3/10, 2/15, n/45.
11 - Sold goods to Costa Enterprises, P 11,000 terms 1/10, n/30.
12 - Received a cash refund for merchandise returned to a supplier, P 650.
13 Gave a cash refund to a customer for defective merchandise returned,
P 800.
14 - Bought merchandise from Rumars with a list price of P10,000 terms
2/10, n/30 with trade discount of 5% and 2%.
21 - Collected the account of Costa Enterprises in full (see transaction
dated Oct. 11).
24 - Paid the account of Alex Company in full (see transaction dated Oct.
10).
25 - Sold merchandise to Santos, terms COD with a list price of P 8,000
with trade discount of 10% and 5%, exclusive of freight charges of
P 230.
25 - Returned defective tables to Lourdes Furniture (see transaction dated
Oct. 6), P 500.
25 - Returned defective merchandise to Zorro Trading, P200 (see
transaction dated Oct. 8).
27 - Paid the account of Zorro Trading in full (see transactions dated Oct. 8
and 25).
28 - Collected the note of Cortez together with the interest (see transaction
dated Oct. 6).
28 - Paid the note issued to Oca Trading in full together with the interest
(see transaction dated Oct. 8).
Billy Trading returned goods, P 1,000 (see transaction dated Oct. 2)
30 -
29
Billy Trading paid its account in full (see transactions dated Oct. 2 and
29).
REQUIRED: Journal entries (without explanation).
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