Problem #4Journalizing Merchandising TransactionsJanet Matuguinas Trading Company engaged in the following transactions in October:Sold merchandise on credit to Lacson Co., terms n/30, FOB shippingpoint, P30,000Purchased merchandise.on credit from Orcajada Co., terms n/30,FOB shipping point, P60,000.Paid Mendoza Co. for shipping charges on merchandise purchasedon Oct. 8, P2,5,40.Purchased merchandise on credit from Ortiz Co., terms n/30, FOBshipping, P90,000. Freight prepaid by Ortiz, P6,000.Purchased office supplies on credit from Dedumo Co., terms n/10,P24,000.Oct. 78101314Sold merchandise on credit to Tagum Co., terms n/30, FOB shipping,P24,000.Returned damaged merchandise received from Orcajada Co. on Oct.8 for credit, P6,000.Received check payment from Lacson Co. for his purchase on Oct. 7.Returned a portion of the office supplies received on Oct. 13 forcredit, P4,000.14171819 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 and14.Accepted from Tagum Co. a return of merchandise, P2,000.202124Required: Prepare the journal entries.

Problem #4 Journalizing Merchandising Transactions Janet Matuguinas Trading Company engaged in the following transactions in October: Sold merchandise on credit to Lacson Co., terms n/30, FOB shipping point, P30,000 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, P2,5,40. 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 Dedumo Co., terms n/10, P24,000. Oct. 7 8. 9. 10 13 Sold merchandise on credit to Tagum Co., terms n/30, FOB shipping, P24,000. Returned damaged merchandise received from Orcajada Co. on Oct. 8 for credit, P6,000. 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 Tagum Co. a return of merchandise, P2,000. 14 14 17 18 19 20 21 24 Required: Prepare the journal entries.

Problem #4 Journalizing Merchandising Transactions Janet Matuguinas Trading Company engaged in the following transactions in October: Sold merchandise on credit to Lacson Co., terms n/30, FOB shipping point, P30,000 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, P2,5,40. 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 Dedumo Co., terms n/10, P24,000. Oct. 7 8. 9. 10 13 Sold merchandise on credit to Tagum Co., terms n/30, FOB shipping, P24,000. Returned damaged merchandise received from Orcajada Co. on Oct. 8 for credit, P6,000. 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 Tagum Co. a return of merchandise, P2,000. 14 14 17 18 19 20 21 24 Required: Prepare the journal entries.

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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