Business Transaction

Post the Transaction into General journal

Cute Mechandising company has started its merchandising business in:

September 1, 2016. The business is owned by Mr. Cre-Don who made the following investment. Cash P450 000

Store Supplies P30 D00

Delivery Vehicle P300,000

Office Equipment P100.000

September 4: Purchased merchandise in cash from You Trading, broken down as follows Purchase Cost P60,0000

12% VAT P7200

Total Invoice Cost P 67,200

Freight of P 1,000 was paid by Ouick Merchandisinig

September 5: Returned merchandise to You Trading due to defective quality, purchase cost is P2,000 12% VAT is P240.

Septemiber 7. Sold Merchandise for cash to Mr. Bayala. 15,000 + P 1,800 12% VAT, for total invoice price of P 16,800.

September 7: Purchased merchandise on account from Yau Trading amounting to P 60,000 plus 12 of P 7,200 for a total af 67,200. The delvery cost was shauldered by Yu Trading

September 9 Sold merchandise on account to ABC Company with total invoice price of 32,400. Thie 12% VAT is included in the invoice price. The freight of P 500 was paid by Cute Merchandising

Septermber 11: Parialy paid the merchandise purchased from You Trading far 30.000

September 13; Purchased merchandise on account from Zet Merchandising for a total invoice price of P 49,200. The 12% VAT Is already incduded in the invoice price. The freight cost is P2.500 but was paid by Zet Merchandising

September 15 Purchase merchandise for P20,000 plus 12% VAT of P 2,400. Freight C.ost of P500 was shouldered by Cute Merchandising

September 16: Sold merchandise for cash to a loyal customer for P25,000 and discount of P2,000 plus 12% VAT of 2.760. The VAT Is Computed based on the amount after the discount.

September 18 Received partial payment from ABC Company for 10,000.

September 21: Paid in full the account due to You Trading

September 24: Purchased merchandise fram Tan Trading on account forP 25,000 plus 12% VAT, for a total of P 28,000, Freight is 2,500 wich was shouldered by Cute Merchandising

September 28, Sold merchandise on account to DEF Company for P 77,200 which is Inclusive of 12% VAT.

September 29, Purchased merchandise for cash trom Tan Trading with a total invoice P15,440, inclusive of 12% VAT.

September 30 Cute Merchandising coducted physical inventory count of unsold merchandises and the amount is P 105,000.