Question
Aileen Africa Traders engaged in the following transactions in October: Oct 7 Sold merchandise on credit to Lacson Retailers, terms n/30, FOB shipping point, P
Aileen Africa Traders engaged in the following transactions in October:
Oct 7 Sold merchandise on credit to Lacson Retailers, terms n/30, FOB shipping point, P 30,000.
8 Purchased merchandise on credit from Orcajada Wholesalers, terms n/30, FOB shipping point, P 60,OOO.
9 Paid Mendoza Corp. for shipping charges on merchandise purchased on Oct. 8, P2,540.
10 Purchased merchandise on credit from Ortiz Imports, terms n/30, FOB shipping, P90,OOO. Freight prepaid
by Ortiz, P6,OOO.
13 Purchased office supplies on credit from Dedumo Corp., terms n/ 10, P24,OOO.
14 Sold merchandise on credit to Tagum Corp., terms n/30, FOB shipping, P24,OOO.
14 Returned damaged merchandise received from Orcajada Wholesalers on Oct. 8 for credit, P6,OOO.
17 Received check payment from Lacson Retailers for his purchase on Oct. 7
18 Returned a portion of the office supplies received on Oct. 13 for credit, P4,OOO.
19 Sold merchandise for cash, P18,OOO.
20 Paid Ortiz Imports for purchase of Oct. 10.
21 Paid Orcajada Wholesalers the balance from the transaction on Oct, 8 and 14.
24 Accepted from Tagum Corp. a return of merchandise, P2,OOO.
Required: Prepare the journal entries.
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