ACTIVITY#3 MERCHANDISING BUSINESS

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The summary of the transactions of JECJEC Computer Store for the month of March 2021. The computer store is owned by Ms. Jecjec Martin. The store follows the periodic inventory system. Record the transactions using Periodic Inventory System.

ACTIVITY #3 Below are the summary of the transactions of JECJEC Computer Store for the month of March 2021. The computer store is owned by Ms. Jesies Martin. The store follows the periodic inventory system. 1-Mar Ms. Jesies Martin transferred his personal savings to his new business named JECJEC Computer Store amounting to P 750,000. 3- Mar He acquired the following: Equipment - P 90,000, 60% down payment, issued notes for the balance; Supplies - 15,000, 75% down payment, balance is on credit. 4-Mar Paid the premium for insurance for five months, P 15,000. 5-Mar Purchased merchandise on account from Chelle Company, P 150,000. Terms: 10% down payment, 2/10, n/30. 6-Mar Bought on account additional goods for resale from Tantan Corporation, P 185,000. 7-Mar JECJEC Computer Store made returns to Chelle Company due to defects, P 13,500. 8-Mar Returned good to Tantan Corporation, P 3,850. 19-Mar The store paid partial payment to Chelle Company, P 50,000. 11-Mar Paid P 75.000 as partial payment to Tantan Corporation. 14-Mar Paid in partial the note due for the computer purchased, P 5,000. 15-Mar Paid the following for the month: Salaries - 12,000; Rent - 2,500; Utilities - 3,100; and communication - 1,850. 17-Mar Sold merchandise to Enteng Trading, P 145,000. Terms: 45% down payment, 2/10, 1/20, n/30 18-Mar Customer Leen bought merchandise for total sales value of P 65,000 in cash. 19-Mar Various customers purchased in cash computer items amounting to P 18,500. 21-Mar Enteng Trading returned some merchandise due to error on specifications of the items, P 4,500. 22-Mar Paid repairs of the service vehicle of the business, P 4,600. 23-Mar Paid Shelle company 50% of the account balance. 24-Mar Ms. Martin withdrew cash from the business for personal use, P 5,100. 27-Mar Enteng Trading paid P 10,000 as partial payment for his purchases. REQUIREMENTS: 1. Prepare chart of accounts 2. Journalize the transactions