A.

Journal entries for Beatriz Onate Company.

On June 8 2010, Beatriz Onate Company sold merchandise for P16,000 to Northern

Company terms 2/10, n/30:

On June 12, P4,000 worth of the merchandise was returned.

On June 18, Beatriz Onate Company received a check for the amount due

Journal entries for Jeffrey Franco Company

On March 10, 2010, Jeffrey Franco Company purchased P18,000 worth of mercnanaise

from Marcos Gener Castillo Company, terms 1/10, n/30, FOB Shipping POint:.

On March 12, Franco paid P360 freignt on the shipment.

On March 15, Franco returned P2,000 of

merchandise for credit. Final payment was made to Castilo on March 19,

ALSO REQUIRED:

TRIAL BALANCE

B.

REQUIRED:

a. journal entries for Ramos Company

b. journal entries for Aquino Company

May 4 Ramos sold merchandise on account to Aquino, P162,000. Terms: FOB Destination, 2/10, n/30. Freight charges amounted to P2,000.

5 Ramos sold merchandise on account to Aquino, P710,000. Terms: FOB shipping point, 2/10, n/30. Freight charges amounted to P8,000

6 Aquino paid freight charges on the purchase of May 5.

7 Ramos received returned merchandise from Aquino in the amount of P12,000 from the May 4 sale.

9 Ramos received payment for Aquino for the May 4 transaction.

10 Ramos paid the transportation charges on the May 4 shipment

12 Ramos received payment form Aquino for the May 5 transaction.

18 Ramos sold merchandise on account to Aquino, P250,000. 1erms: 400 trade discount; FOB shipping point; 2/10, n/30.

21 Aquino paid freight charges on May 18 transaction, P3,000.

28 Ramos received payment from Aquino for the amount due from the transaction of May 18.

ALSO REQUIRED:

TRIAL BALANCE