purchases were completed during March March 2- Bought merchandising from Levi Company with a list price P18,000 Terms COD with a 10% trade discount exclusive of reight of P1,2-which was also paid. 3-Returned defective merchandise to Levi Company P 1,500 and was given a cash refund 5- Purchase merchandise from Cortan Traders, P10,000 terms 2/10.n/30 and paid freight of P500. 7-A credit memo was received from Cortan
purchases were completed during March March 2- Bought merchandising from Levi Company with a list price P18,000 Terms COD with a 10% trade discount exclusive of reight of P1,2-which was also paid. 3-Returned defective merchandise to Levi Company P 1,500 and was given a cash refund 5- Purchase merchandise from Cortan Traders, P10,000 terms 2/10.n/30 and paid freight of P500. 7-A credit memo was received from Cortan
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Required:
• JOURNAL ENTRIES

Transcribed Image Text:INSTRUCTIONS
Problems:
A. The following selected transactions pertaining to
purchases were completed during March
March 2 - Bought merchandising from Levi
Company with a list price P18,000
Terms COD with a 10% trade discount exclusive of
freight of P1,2-which was also
paid.
3- Returned defective merchandise to Levi
Company P 1,500 and was given a cash refund
6- Purchase merchandise from Cortan Traders,
P10,000 terms 2/10.n/30 and paid freight
of P500.
7-A credit memo was received from Cortan
Traders for defective merchandise returned,
P2,000
9- Made a partial payment to Cortan Traders, P
5,000
16 - Paid the account of Cortan Traders in full.
Required: Journalize the above transactions
( without explanation )
B. The following selected transactions pertaining
to Sales were recorded for the month of August
August 3- Cash Sales. List Price, P50,000 with
trade discount of8% and 5% freight paid P4,000
6- Gave a cash refund for defective merchandise
returned, P2,000
7- Sold merchandise to Leony valued at P 35,000
terms: 2/10,1/15,nh/45
8- Defective merchandise returned by Leony,
P5,000 for which a credit memo was
given.
11- Leony made a partial payment of P 20,000
22 - Collected the account of Leony in full
Required" Give your Journal entry (without
explanation ) to record the above transactions.
ATTACHMENTS
B. The following selected transactions pertaining
to Sales were recorded for the month of August
August 3 - Cash Sales. List Price, P50,000 with
trade discount of8% and 5% freight paid P4,000
6- Gave a cash refund for defective merchandise
returned, P2,000
7- Sold merchandise to Leony valued at P 35,000
terms: 2/10,1/15,nh/45
8 - Defective merchandise returned by Leony,
P5,000 for which a credit memo was
given.
11- Leony made a partial payment of P 20,000
22 - Collected the account of Leony in full
Required" Give your Journal entry ( without
explanation ) to record the above transactions.
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