Record the following transactions of Poo ChoTrading for the month of November using the periodic inventory method. Assume that mark-up on sales is 25%. November 5 Purchased P 500,000 merchandise from Hetty Supplies on account. November 7 Sold Pp 75,000 goods to Rainbow Trading : Terms: 2/20, n/60. November 8 Cash Sales P45,000 November 10 Sold merchandise to Camaya Trading P 90,000 Terms: 2/10,n/30. November 15 Cash Purchases, P 300,000 November 20 Purchased P 100,000 merchandise from Viva Apparel Terms 2/10,n/30. November 21 Returned P 5,000 defective goods to Viva Apparel November 22 Camaya Trading returned P 9,000 defective goods. November 23 Camaya Trading settled its account in full. November 27 Rainbow Trading settled its account in full. November 30 Settled account with Viva Apparel in full.
Record the following transactions of Poo ChoTrading for the month of November using the periodic inventory method. Assume that mark-up on sales is 25%. November 5 Purchased P 500,000 merchandise from Hetty Supplies on account. November 7 Sold Pp 75,000 goods to Rainbow Trading : Terms: 2/20, n/60. November 8 Cash Sales P45,000 November 10 Sold merchandise to Camaya Trading P 90,000 Terms: 2/10,n/30. November 15 Cash Purchases, P 300,000 November 20 Purchased P 100,000 merchandise from Viva Apparel Terms 2/10,n/30. November 21 Returned P 5,000 defective goods to Viva Apparel November 22 Camaya Trading returned P 9,000 defective goods. November 23 Camaya Trading settled its account in full. November 27 Rainbow Trading settled its account in full. November 30 Settled account with Viva Apparel in full.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Record the following transactions of Poo ChoTrading for the month of November using the periodic inventory method. Assume that mark-up on sales is 25%.
November 5 Purchased P 500,000 merchandise from Hetty Supplies on account.
November 7 Sold Pp 75,000 goods to Rainbow Trading : Terms: 2/20, n/60.
November 8 Cash Sales P45,000
November 10 Sold merchandise to Camaya Trading P 90,000 Terms: 2/10,n/30.
November 15 Cash Purchases, P 300,000
November 20 Purchased P 100,000 merchandise from Viva Apparel Terms 2/10,n/30.
November 21 Returned P 5,000 defective goods to Viva Apparel
November 22 Camaya Trading returned P 9,000 defective goods.
November 23 Camaya Trading settled its account in full.
November 27 Rainbow Trading settled its account in full.
November 30 Settled account with Viva Apparel in full.
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