Merchandise transactions
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Transcript of Merchandise transactions
Merchandise Transactions
Trinity Company
Journalize transactions under Periodic and Perpetual Inventory System
Dec. 1- Sold merchandise to Rosario Santiago on credit, terms n/30, F.O.B Shipping point, P10, 500 (cost P6, 300)
2- Purchased merchandise on credit from Rock Company, terms n/30, FOB Shipping point ,
P19, 000.
2- Paid custom freight P1, 450 for freight charges on merchandise received.
6- Purchased store supplies on credit from Rome Supply House, terms n/30 , P3, 180.
9- Purchased merchandise on credit from BTG Company, terms n/30, FOB Shipping point,
P18, 000 incuding P1, 000 freight charges paid by BTG Company.
11- Accepted from Rosario Santiago a return of merchandise, which was returned to inventory,
P1, 500 (cost , P900).
14- Returned for credit P3,000 of merchandise received on Dec 2.
15- Returned for credit P1, 000 of store supplies purchased on Dec 6.
16- Sold merchandise for cash, P5, 000 (cost, P3, 000).
22- Paid Rock Company for purchase of Dec 2 less return on Dec 14.
23- Received full Payment from Rosario Santiago for her Dec 1 purchase, less return on Dec 11.