Oct. 1.Prepare the journal entries using the periodic system.Assume that the business is a NON-VAT registered business.Sold merchandise on account to B. Streisand, P3,500Terms: 2/10,n/45, F.O.B. Shipping Point2 Granted allowance to B. Streisand for merchandise delivered in wrong size andcolor, P5003 Purchased merchandise on credit from C. Dione Wholesale, P8,700Terms: 2/15,n/60, FOB Shipping Point4 Received bill for freight on shipment received October 3, P7005 Received 50% partial collection from B. Streisand6 Sold merchandise for cash, P3,5007 Purchased merchandise, P5,000. Terms: Cash on Delivery (COD)8 Purchased merchandise from Boyzone, Inc. P5,500 including freight costs ofP500. Terms :1/15,n/60, F.O.B. Shipping Point8 Sold merchandise on account to M. Jacson, P4,800. Terms: 2/10, n/309 Purchased merchandise from C. Dione Wholesale, P7,700. Terms: 2/15, n/30,F.O.B. Shipping Point10 Received bill for freight on the shipment received on October 9, P80010 Received full collection from B. Streisand for sale on October 111 Returned P500 worth merchandise with defects to Boyzone, Inc.12 The Accounting Dept. Found an overcharge of P500 for October 9 purchases17 Paid in full C. Dione Wholesale for purchase of October 318 Received collection in full from M. Jacson.19 Received 50% collection from Moffats Enterprise. As per arrangement, a discountwas allowed on this partial collection23 Paid in full Boyzone, Inc.24 Paid freight charges for October purchases24 Paid C. Dione in full for purchase of October 927 Purchased office supplies from Spice General Merchandise, P2,000.Terms:25% down, balance 2/5,n/1531 Collected in full from Moffats Enterprise

DateAccount Title and ExplanationDebit (P)Credit (P)Oct 1Accounts Receivable - B.…

Answered: Prepare the journal entries using the…

Business

Accounting

Prepare the journal entries using the periodic system. Assume that the business is a NON-VAT registered business.

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

Oct. 1.
Prepare the journal entries using the periodic system.
Assume that the business is a NON-VAT registered business.
Sold merchandise on account to B. Streisand, P3,500
Terms: 2/10,n/45, F.O.B. Shipping Point
2 Granted allowance to B. Streisand for merchandise delivered in wrong size and
color, P500
3 Purchased merchandise on credit from C. Dione Wholesale, P8,700
Terms: 2/15,n/60, FOB Shipping Point
4 Received bill for freight on shipment received October 3, P700
5 Received 50% partial collection from B. Streisand
6 Sold merchandise for cash, P3,500
7 Purchased merchandise, P5,000. Terms: Cash on Delivery (COD)
8 Purchased merchandise from Boyzone, Inc. P5,500 including freight costs of
P500. Terms :1/15,n/60, F.O.B. Shipping Point
8 Sold merchandise on account to M. Jacson, P4,800. Terms: 2/10, n/30
9 Purchased merchandise from C. Dione Wholesale, P7,700. Terms: 2/15, n/30,
F.O.B. Shipping Point
10 Received bill for freight on the shipment received on October 9, P800
10 Received full collection from B. Streisand for sale on October 1
11 Returned P500 worth merchandise with defects to Boyzone, Inc.
12 The Accounting Dept. Found an overcharge of P500 for October 9 purchases
17 Paid in full C. Dione Wholesale for purchase of October 3
18 Received collection in full from M. Jacson.
19 Received 50% collection from Moffats Enterprise. As per arrangement, a discount
was allowed on this partial collection
23 Paid in full Boyzone, Inc.
24 Paid freight charges for October purchases
24 Paid C. Dione in full for purchase of October 9
27 Purchased office supplies from Spice General Merchandise, P2,000.
Terms:25% down, balance 2/5,n/15
31 Collected in full from Moffats Enterprise

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