Record the following through the use of special journals The following are selected transactions for KnK Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. 03-SepBought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/3003-SepFOB Shipping point, Freight prepaid: P2,24004-SepReceived a credit memorandum from Min Ho Trading for defective merchandise returned, P3,360.06-SepSold merchandise to Bee Hun, P16,800; term: 2/10, n/3009-SepPurchased a cash register from Jun Song for P23,520; terms: P6,720 downpayment, balance in 2 equal monthly installments.10-SepReceived a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him11-SepBought additional store supplies on credit from Bo Goom, P4,200.13-SepPaid Min Ho Trading in full.15-SepReceived shipment of merchandise from Sho Khang, P16,800, for which a 15-day, 12% note was given.16-SepCollected the account of Bee Hun in full.20-SepSold merchandise to Min Park, P28,000, receiving 20% downpayment and a 20-day, 9% promissory note for the balance.25-SepSold merchandise to Suk Lee; term: 10%trade discount on the list price of P30,000; n/30.29-SepBorrowed P50,000 from MayBank by discounting own 60-day, 12% note.30-SepPaid the note issued to Sho Khang.

VAT: VAT stands for value added tax. Value added tax is charged on each stage of the supply chain…

Answered: Record the following through the use of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 20MC: Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of...

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Record the following through the use of special journals

The following are selected transactions for KnK Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price.
03-Sep	Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30
03-Sep	FOB Shipping point, Freight prepaid: P2,240
04-Sep	Received a credit memorandum from Min Ho Trading for defective merchandise returned, P3,360.
06-Sep	Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30
09-Sep	Purchased a cash register from Jun Song for P23,520; terms: P6,720 downpayment, balance in 2 equal monthly installments.
10-Sep	Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him
11-Sep	Bought additional store supplies on credit from Bo Goom, P4,200.
13-Sep	Paid Min Ho Trading in full.
15-Sep	Received shipment of merchandise from Sho Khang, P16,800, for which a 15-day, 12% note was given.
16-Sep	Collected the account of Bee Hun in full.
20-Sep	Sold merchandise to Min Park, P28,000, receiving 20% downpayment and a 20-day, 9% promissory note for the balance.
25-Sep	Sold merchandise to Suk Lee; term: 10%trade discount on the list price of P30,000; n/30.
29-Sep	Borrowed P50,000 from MayBank by discounting own 60-day, 12% note.
30-Sep	Paid the note issued to Sho Khang.

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