ACTIVITY#1 MERCHANDISING BUSINESS

Please help me, I am wiling to wait.

Maganda began business on March 1, 2021. Selected transactions for March related to its merchandising business are given below. Record the following transactions for March.

Give the necessary journal entries under the two systems in recording inventory.

ACTIVITY 1 Maganda began business on March 1, 2021. Selected transactions for March related to its merchandising business are given below. Record the following transactions for March. Give the necessary journal entries under the two systems in recording inventory. 1-Mar Maganda invested P 350,000.00 in the business. 4-Mar Purchased merchandise from Tiktak Co. The list price is P 50,000.00 with terms of 5-10, 2/15, n/30; FOB Shipping Point, Freight Prepaid; P 750.00 6-Mar Sold merchandise for P 15,000.00 (cost, P 12,500.00) to Jack Trading. Terms: 1/20, n/60 FOB Shipping Point, Freight Prepaid, P 720.00 8-Mar Sold merchandise for P 12,500.00 (cost, P 10,000.00) to Jill Trading. Terms: 1/20, n/60; FOB Shipping Point, Freight Collect, P 800.00 10-Mar Cash sales to Chippy Company, P 7,500.00 (cost, P 6,950.00); FOB destination, Freight Prepaid, P 650.00. 12-Mar Returned defective merchandise to Tiktak Co., P 3,000.00 15-Mar Received returns from Jack Trading, P 1,000.00 (cost P 950.00) 19-Mar Paid Tiktak Co. in full 26-Mar Jack Trading settled its account in full