100 Post the General Journal entry accounts of JK Phone Store in a General Ledger From Activity 1 (Transactions 1-4 only) From Activity 2 (Transactions 1-4 only) JK Phone Store: Chart of Accounts ASSETS 400 INCOME 101 Cash 401 Sales 102 Accounts Receivable 402 Sales Returns & Allowances 200 LIABILITIES 403 Sales Discounts 201 Accounts Payable 500 EXPENSES 300 EQUITY 501 Purchases 301 JK, Capital 502 Purchase Returns & Allowances 503 Purchase Discounts 504 Freight in 505 Freight Out Activity 1: Purchase Transaction Analysis Prepare general journal entries on the following purchases transaction of JK Phone Store using the periodic inventory system. 1. JK Phone Store open its business on March 1, 2018 and is located in Centro Mall in Quezon Province. The owner invested P300,000 to start the business. On March 2, 2018, JK purchased 20 units of cellphone on account for 5,000 each. Upon delivery of units, the supplier, Phone Axis, inc. Issued Charge Invoice No. 123 to JK Phone Store 2018 March 1 To record To the learners: The purchase invoice received by the buyer is either a sales invoice or charge invoice prepared by the supplier or vendor. 2. Out of 20 units of smartphone purchased on March 2, it was found out that one unit was damaged during shipment. IK issued a debit memorandum (DM01) and informed the supplier that it will return the one damaged item and the amount will be deducted from IK account's payable. 2018 March 2 To record To the learners: A debit memorandum is a document issued by a buyer to inform a seller that the seller's account has been debited because of unsatisfactory goods. 3. The product supplier of JK store was based in Pasay. It will cost P2,000 to deliver the 20 cellphone units to Quezon Province. What is the journal entry if the terms is FOB Shipping Point on March 4, 2018? 2018 March 4 To recard To the learners: At this case, JK store served as the buyer while Phone axls served as the seller/supplier. Therefore, there is an entry to the book of JK store unless the term is FOB Destination 4. The credit terms for the purchase of 20 smartphone units (total cost of P100,000) is 2/10,n/30. What is the journal entry if JK paid the account in full with Phone Axis, Inc. on March 9, 2018? 2018 March 9 To record 5. Refer to transaction 4. What is the journal entry if JK paid the account in full on April 3, 2018? 2018 April 3 To record. Activity 2: Sales Transaction Analysis Prepare general journal entries on the following sales transaction of JK Phone Store applying the inventory system. 1. On March 5, 2018, JK Phone store sold two units to Kristine Dela Cruz worth P13,000 per unit, cash, FOB Destination with Official Receipt (OR) No. 101 2018 March 5 To record IK Store paid Lalagrab Express, P250 to deliver the units to Kristine Dela Cruz 2018 March 5 To record 2. March 6, 2018, sold another five units of smartphone to Ruben Santos on account, Charge Invoice (Ch No 101. Each unit will cost P15,000 with terms 3/10,n/30, FOB Shipping point. 2018 March 6 To record To the learners: No journal entry for delivery expense because the buyer will pay for the freight based on the terms stated in the transaction 3. On March 10, 2018, IK Phone store accepted one unit of smartphone returned by Ruben Santos which was purchased last March 6 under Chi 101 because one of his family members have already acquired a unit of smartphone and it is already an excess. The price will be deducted from R. Santos' account. 2018 March 10 To record 4. Assumed that on March 15, Ruben Santos paid the account on March 6 transaction in full, deduct the amount of the returned unit on March 10, 2018. What is the journal entry? 2018 March 15 To record 5. What if Ruben Santos made his payment on April 8, 2018. What is the journal entry? 2018 April To record