Question
how to answer this ? can ou help me? Journalizing Merchandising Transactions. (Periodic Inventory System) Virginia Ruben Company engaged in the following transactions in August
how to answer this ? can ou help me?
Journalizing Merchandising Transactions. (Periodic Inventory System)
Virginia Ruben Company engaged in the following transactions in August 2016.
Aug.1 Sold merchandise to O. Lacierda Trading on credit, terms n/30, FOB shipping point, P21,000.
3 Purchased merchandise on credit from R. Cabellon Stores, terms n/30, FOB shipping point, P38,000.
5 Paid SouthMin Freight for freight charges on merchandise received P290.
6 Purchased merchandise on credit from Ipil Marketing, terms n/20, P6,360.
8 Purchased merchandise on credit from Pagadian Company, terms n/30, FOB Shipping point, P36,000. Pagadian Company
paid P200 for freight costs.
12 Returned some of the merchandise received on Aug. 3 for credit, P6,000.
15 Sold merchandise on credit to Columban Stores, terms n/30, FOB shipping point, P12,000.
16 Returned some of the merchandise purchased on Aug. 6 for credit, P2,000.
17 Sold merchandise for cash, P10,000.
18 Accepted for full credit for the return of merchandise from O. Lacierda Trading, P2,000.
24 Paid accounts to R. Cabellon Stores.
25 Received full payment from O. Lacierda Trading
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