Accounting

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Accounting 1- merchandising transactions
Mar. 2 Purchased merchandise on credit from Diego Publishers, terms 2/10, n/30, FOB destination, P74,000 Dr Merchandise inventory (MI) P74,000
Cr Accounts payable (AP) P74,000

3 Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FOB shipping point, P10,000 Dr AR P10,000
Cr Sales P10,000

5 Sold merchandise for cash P7,000
Dr Cash P7,000
Cr Sales P7,000

6 Purchased and received merchandise on credit from Made Easy Bookstore, terms 2/10, n/30, FOB shipping point, P42,000 Dr MI P42,000
Cr AP P42,000

7 Received freight bill from Super Express from shipment received on Mar. 6, P570 Dr MI P570
Cr AP P570

9 Sold merchandise on credit to Recoletos Books, terms 1/10, n/30, FOB destination, P38,000 Dr Accounts receivable (AR) P38,000
Cr Sales P38,000

10 Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point, P26,500, including freight costs of P500 Dr MI P26,500
Cr AP P26,500
(assuming P500 is inside P26,500, otherwise, use P27,000)

11 Received freight bill from Super express for sale on Mar. 9, P291 Dr Transportation-out (or delivery expenses) P291
Cr AP P291

12 Paid Digao Publishers for purchase on Mar.2
Dr AP P74,000
Cr Cash P72,520
Cr MI P1,480 (2% x P74,000)

13 Received payment in full for Detoya Books Shop's purchase of Mar.3 Dr Cash P9,900
Dr Sales discounts P100 (1% x P10,000)
Cr AR P10,000

14 Paid Made Easy Bookstore half the amount owed on Mar. 6 purchase. A discount is allowed on partial payment. Dr AP P21,000
Cr Cash P20,580
Cr MI P420

15 Returned faulty merchandise worth P3,000 to Digao Publishers for credit against purchase of Mar. 10 Dr AP P3,000
Cr MI P3,000

16 Purchase office supplies from Olamit Supplies from P4,780, terms n/10 Dr Office supplies P4,780
Cr AP P4,780

17 Received payment from Recoletos Books for half of the sale of Mar. 9. A discount is allowed on partial payment Dr Cash P18,810
Dr Sales discounts...
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