Exercise 6-14. Transactions for Merchandise Purchased

Rosario Trading, had the following transactions related to the purchase of various items needed in the store during the month of July:

July 1 Purchased merchandise from Jose Merchandising amounting to P40,000 Term: COD.

4 Purchased merchandise from Romy Trading. P80,000. Terms: 2/10, n 30.

7 Returned P1,500 worth of defective goods to Jose Merchandising. Received a cash refund for the value of merchandise returned

9 Bought cash register from Omron, Inc., P30,000. Terms: COD

12 Purchased from Guadalupe Mart packaging tapes. plastic bags and twines to be used in the store for P4,000. Terms: 2/10, n/30.

14 Settled account with Romy Trading in full.

16 Returned P200 worth of store supplies to Guadalupe Mart.

20 Purchased from Dell Inc.2 units of desk top computer to be used in the office for P35,000 each This purchase is on account.

22 Settled the account with Guadalupe Mart in full.

31 Purchased merchandise from Joseph Marketing. P12,000. Terms: P5.000 down payment, 2/10, n/30 for the balance.

Required: Record the above transactions using the periodic inventory system