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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

FINANCIAL ACCOUNTING
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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Required: • JOURNAL ENTRIES
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.
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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