Presented below is the following information related to GOYGOY D. Co.On April 5, purchased merchandise from Embok Company for Php 180,000 terms 2/10, net 30, FOB Shipping Point.On April 6 paid freight cost of Php 9,000 on merchandise purchased from Embok. On April 7, purchased equipment on account for Php 260,000. On April 8, returned damaged merchandise to Embok Company and was granted a Php 30,000 allowance.On April 15 paid the amount due to Embok Company in full. a. Prepare the jounal entries to record these transactions on the books of Kaloy. Make a comparison between Periodic and Perpetual Inventory System.Periodic PerpetualDateParticularsDebitCreditDateParticularsDebitCredit Assume that Kaloy paid the balance due to Embok on May 4 instead of April 15. Prepare the journal entry to record this payment.Periodic PerpetualDateParticularsDebitCreditDateParticularsDebitCredit

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Description: Presented below is the following information related to GOYGOY D. Co.On April 5, purchased merchandise from Embok Company for Php 180,000 terms 2/10, net 30, FOB Shipping Point.On April 6 paid freight cost of Php 9,000 on merchandise purchased from E

Journal is the recording of financial transactions using the dual entity concept in chronological…

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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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Presented below is the following information related to GOYGOY D. Co.

On April 5, purchased merchandise from Embok Company for Php 180,000 terms 2/10, net 30, FOB Shipping Point.
On April 6 paid freight cost of Php 9,000 on merchandise purchased from Embok.
On April 7, purchased equipment on account for Php 260,000.
On April 8, returned damaged merchandise to Embok Company and was granted a Php 30,000 allowance.
On April 15 paid the amount due to Embok Company in full.

a. Prepare the jounal entries to record these transactions on the books of Kaloy. Make a comparison between Periodic and Perpetual Inventory System.

Periodic	Perpetual
Date	Particulars	Debit	Credit	Date	Particulars	Debit	Credit

Assume that Kaloy paid the balance due to Embok on May 4 instead of April 15. Prepare the journal entry to record this payment.

Periodic	Perpetual
Date	Particulars	Debit	Credit	Date	Particulars	Debit	Credit

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