Activity 2:The transactions for DEF Company for the month of April, 2021 are shown below. (Assume the companyis a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.)DateTransactionsApril 2DEF sold and shipped merchandise worth P250,000 to AM Companyterms 1/15, n/30.4AM Company reported P5,800 of merchandise damaged in shipment,and a credit memo was issued for this.6Purchased office supplies for P3,568 cash.7Sold P120,000 of merchandise to Lily Company, terms: 2/10, n/30.Purchased merchandise for P244,000 cash.810Cash sales for the first 15 days is P188,000.12Purchased merchandise worth P300,000, terms: 20% downpayment,balance 2/10, n/30.14Returned defective merchandise worth P30,000 purchased on April12.16Received full payment from AM Company for sale of April 2.17Received full payment from Lily Company.22Paid commission of salesmen, P60,000.22Paid in full the purchase dated April 12.Cash sales for the last 15 days, P254,000.31Journalize the transactions in the books of DEF Company.Post the transactions.Prepare a trial balance dated April 30, 2021.Required:1.2.3.

Date (April) Particulars Debit (P) Credit (P) 2 AM company Sales 250,000 250,000…

Answered: Required: 1. Journalize the…

Business

Accounting

Required: 1. Journalize the transactions in the books of DEF Company.

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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