Problem #17 Journalizing Merchandising Transactions Transactions for the Mariano Lerin Bookstore for March 2020 follows: Purchased merchandise on credit from Digao Publishers, terms 2/10, /30, FOB destination, P74,000, Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FOR shipping point, P10,000. Sold merchandise for cash, P7,000. Purchased and received merchandise on credit from Made Easy Bookstore, terms 2/10, n/30, FOB shipping point, P42,000. Heceived freight bill from Super Express from shipment received on Mar, 6, P570. Sold merchandise on credit to Recoletos Books, terms 1/10, n/30, FOB destination, P38,000. Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point, P26,500, including freight costs of P500. Mar. 2 3. 5. 10 Received freight bill from Super Express for sale on Mar. 9, P291. 12 11 Paid Digao Publishers for purchase of Mar. 2. Received payment in full for Detoya Books Shop's purchase of Mar. 3, 14 13 Paid Made Easy Bookstore half the amount owed on the Mar. 6 purchase. A discount is allowed on partial payment. Returned faulty merchandise worth P3,000 to Digao Publishers for credit against purchase of Mar. 10. Purchased office supplies from Olamit Supplies for P4,780, terms n/10. Received payment from Recoletos Books for half of the purchase of Mar. 9. A discount is allowed on partial payment. Paid Digao Publishers in full for amount owed on purchase of Mar. 10, less return on Mar. 15. Sold merchandise to Sir Ed Trading on credit, terms 2/10, n/30, FO8 shipping point, P7,800, Returned for credit several items of office supplies purchased on Mar. 16, P1,280. Issued a credit memo to Sir Ed Trading for returned merchandise, P1,800. Paid for purchase of Mar. 16, less returns on Mar. 20. Paid freight entity for freight charges for Mar. 7 and 11. Received payment of amount owed by Sir Ed Trading for purchase of Mar 19, less credits of Mar. 22. Paid Made Easy Bookstore for the balance on the Mar. 6 purchase. Sold merchandise for cash, P9,730. 15 16 17 18 19 20 22 25 26 27 28 31 Required: Prepare the journal entries.
Problem #17 Journalizing Merchandising Transactions Transactions for the Mariano Lerin Bookstore for March 2020 follows: Purchased merchandise on credit from Digao Publishers, terms 2/10, /30, FOB destination, P74,000, Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FOR shipping point, P10,000. Sold merchandise for cash, P7,000. Purchased and received merchandise on credit from Made Easy Bookstore, terms 2/10, n/30, FOB shipping point, P42,000. Heceived freight bill from Super Express from shipment received on Mar, 6, P570. Sold merchandise on credit to Recoletos Books, terms 1/10, n/30, FOB destination, P38,000. Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point, P26,500, including freight costs of P500. Mar. 2 3. 5. 10 Received freight bill from Super Express for sale on Mar. 9, P291. 12 11 Paid Digao Publishers for purchase of Mar. 2. Received payment in full for Detoya Books Shop's purchase of Mar. 3, 14 13 Paid Made Easy Bookstore half the amount owed on the Mar. 6 purchase. A discount is allowed on partial payment. Returned faulty merchandise worth P3,000 to Digao Publishers for credit against purchase of Mar. 10. Purchased office supplies from Olamit Supplies for P4,780, terms n/10. Received payment from Recoletos Books for half of the purchase of Mar. 9. A discount is allowed on partial payment. Paid Digao Publishers in full for amount owed on purchase of Mar. 10, less return on Mar. 15. Sold merchandise to Sir Ed Trading on credit, terms 2/10, n/30, FO8 shipping point, P7,800, Returned for credit several items of office supplies purchased on Mar. 16, P1,280. Issued a credit memo to Sir Ed Trading for returned merchandise, P1,800. Paid for purchase of Mar. 16, less returns on Mar. 20. Paid freight entity for freight charges for Mar. 7 and 11. Received payment of amount owed by Sir Ed Trading for purchase of Mar 19, less credits of Mar. 22. Paid Made Easy Bookstore for the balance on the Mar. 6 purchase. Sold merchandise for cash, P9,730. 15 16 17 18 19 20 22 25 26 27 28 31 Required: Prepare the journal entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:348 | Masic Financial Actounting and Reporting 2021 Edition try Prof, WIN Ballada
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NAME:
PROFESSOR:
SECTION:
Problem #17
Journalizing Merchandising Transactions
Transactions for the Mariano Lerin Bookstore for March 2020 follows:
Purchased merchandise on credit from Digao Publishers, terms 2/10,
/30, FOB destination, P74,000
Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FOB
shipping point, P10,000
Sold merchandise for cash, P7,000.
Purchased and received merchandise on credit from Made Easy
Bookstore, terms 2/10, n/30, FOB shipping point, P42,000.
Received freight bill from Super Express from shipment received on Mar,
6, P570.
Sold merchandise on credit to Recoletos Books, terms 1/10, n/30, FOB
destination, P38,000.
Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOB
shipping point, P26,500, including freight costs of P500.
Received freight bill from Super Express for sale an Mar. 9, P291.
Paid Digao Publishers for purchase of Mar. 2.
Received payment in full for Detoya Books Shop's purchase of Mar. 3,
Paid Made Easy Bookstore half the amount owed on the Mar.6 purchase.
A discount is allowed on partial payment.
Returned faulty merchandise worth P3,000 to Digao Publishers for credit
against purchase of Mar. 10.
Purchased office supplies from Olamit Supplies for P4,780, terms n/10.
Received payment from Recoletos Books for half of the purchase of Mar.
9. A discount is allowed on partial payment.
Paid Digao Publishers in full for amount owed on purchase of Mar. 10, less
return on Mar. 15.
Sold merchandise to Sir Ed Trading on credit, terms 2/10, n/30, FOB
shipping point, P7,800.
Returned for credit several items of office supplies purchased on Mar. 16,
P1,280.
Issued a credit mermo to Sir Ed Trading for returned merchandise, P1,800,
Paid for purchase of Mar. 16, less returns on Mar. 20.
Paid freight entity for freight charges for Mar. 7 and 11.
Received payment of amount owed by Sir Ed Trading for purchase of Mar.
19, less credits of Mar. 22.
Paid Made Easy Bookstore for the balance on the Mar. 6 purchase.
Sold merchandise for cash, P9,730.
Mar. 2
7.
10
11
12
13
14
15
16
17
18
19
20
22
25
26
27
28
31
Required: Prepare the journal entries.
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