Preparing a journal entry for merchandising transactions; perpetual inventory system?


March 1 Purchased merchandise from Xenium Trading for P 19,200, terms 2/10, n/60.

1 Purchased Store Equipment on credit from Celeron Systems Company, terms: n/10 EOM, P 12,500

4 Sold merchandise on credit to Union Trading, invoice no. 917, P 20,500. (The company policy, all credit terms are 2/10,n/60)

6 Sold merchandise on credit to Brent Marketing, invoice no. 918, P 22,400

7 Cash sales for the week ended March 7, P 72,400

9 Issued check no. 15520 to the Philippines Star for Advertising, P 3,600

10 Sold merchandise on credit to Tarsus Commercial, invoice no. 919, P 8,200

10 Issued check no. 15521 to Xenium Trading in payment of purchase made on March 1 less the discount.

11 Purchased merchandise on credit from Nokia Trading for P 9,200; terms 2/7, n/30

12 Sold unneeded store supplies to Mr. Santos, an employee at cost for cash, P 1,200

14 Received payment from Union Trading for sales made per invoice no. 917 less the discount.

14 Cash sales for the week ended March 14, P 44,320

15 Issued check no. 15522 payable to Payroll in payment of the salaries for the first half of the month, P 22,300. Cashed the check and paid the employees.

16 Received payment from Brent marketing for sales made per invoice no. 918 less the discount.

17 Sold merchandise on credit to Union Trading, Invoice no. 920, P 17,420

18 Sold merchandise on credit to Tarsus Commercial, invoice no. 921 P 10,050

20 Purchased merchandise from Loyal Trading for P 9,750, terms: 2/10.n/60.

20 Received payment from Tarsus Commercial for sales made per invoice no. 919 less the discount.

21 Issued a credit memorandum to Union Trading for defective merchandise sold per invoice no. 920 and returned for credit, P920.

21. Cash sales for the week ended March 21, P 20, 700.

23. Received a P 400 credit memorandum from Loyal Trading for defective merchandise purchased on
March 20.

25. Purchased on credit from Nokia Trading merchandise, P 11,200; store supplies, P 960; and office supplies, P 820, terms: 1/7, n/30

26 Purchased merchandise from Xenium Trading for P 14,500, terms: 2/10.n/60.

27 Received payment from Union Trading for sales made per invoice no. 920 less the return and the discount.

28 Sold merchandise on credit to Brent Marketing, Invoice No. 922, P 8,225

28 Issued Check No. 15523 to Sunlife Commercial for merchandise purchased, P 4,800.

28 Cash sales for the week ended March 28 were P 61,040.

29 Issued Check No. 15524, payable to Payroll, in payment of the salaries for the last half of the month,
P 24,200.

30 Issued Check No. 15525 to Trojan Commercial for merchandise purchased, P 9,200.
rara
Asked Sep 17, 2013

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