Journalizing merchandising transactions
Journalizing merchandising transactions
Janet Matuguinas Company engaged in the ff transactions in October
Oct 7 Sold merchandise on credit to Lacson Co. terms n/30, FoB shipping point, P30,00
8 purchased merchandise on credit from Orcajada Co. terms n/30 FOB shipping point, P60,000
9 Paid mendoza co. for shipping charges on merchandise purchased on Oct.8, P2540
10 purchased merchandise on credit from Ortiz Co, Terms n/30 FOB shipping,P90,000. Freight prepaid by Ortiz, P6000
13 purchased office supplies on credit from Dedumo Co. terms n/10, P24000
14 sold merchandise on credit to Tagum Co. terms n/30 FOB shipping,P24000
14 Returned damaged merchandise received from Orcajada Co. on Oct 8 for credit, P6000
17 Received check payment from Lacson Co. for his purchase on Oct 7
18 Returned a portion of the office supplies received on Oct 13 for credit, P4000
19 sold merchandise for cash, P18000
20 paid ortiz co. for purchase of oct.10
21 paid orcajada co. the balance from the transaction on oct 8 and 14
24 accepted from tagum co. a returnof merchandise,P2000