IN PHOTO:

On a table, prepare the journal entries (with their corresponding amounts) using the periodic system. Assume that the business is a NON-VAT registered business.

October 1 - Sold merchandise on account to B. Streisand, P3,500

Terms: 2% discount if paid within 10 days, no discount beyond 10 days but payable within 45 days, F.O.B. Shipping Point

October 2 - Granted allowance to B. Streisand for merchandise delivered in wrong size and color, P500

October 3 - Purchased merchandise on credit from C. Dione Wholesale, P8,700

Terms: 2% discount if paid within 15 days, no discount beyond 10 days but payable within 60 days, F.O.B. Shipping Point

October 4 - Received bill for freight on shipment received on October 3, P700

October 5 - Received 50% partial collection from B. Streisand

October 6 - Sold merchandise for cash, P3,500

October 7 - Purchased merchandise, P5,000

Terms: Cash on Delivery (COD)

October 8 - Purchased merchandise from Boyzone, Inc. P5,500 including freight costs of P500

Terms: 1% discount if paid within 15 days, no discount beyond 10 days but payable within 60 days, F.O.B. Shipping Point

October 8 - Sold merchandise on account to M. Jacson, P4,800

Terms: 2% discount if paid within 10 days, no discount if paid beyond 10 days but payable within 30 days

October 9 - Purchased merchandise from C. Dione Wholesale, P7,700

Terms: 2% discount if paid within 15 days, no discount beyond 10 days but payable within 30 days, F.O.B. Shipping Point

October 10 - Received bill for freight on the same shipment received on October 9, P800

October 10 - Received full collection from B. Streisand for sale on October 1

October 11 - Returned P500 worth merchandise with defects to Boyzone, Inc.

October 12 - The Accounting Dept. found an overcharge of P500 for October 9 purchases

October 17 - Paid in full C. Dione Wholesale for purchase on October 3

October 18 - Received collection in full from M. Jacson

October 19 - Received 50% collection from Moffats Enterprise. As per arrangement, a discount was allowed on this partial collection

October 23 - Pain in full Boyzone, Inc.

October 24 - Paid freight charges for October purchases

October 24 - Paid C. Dione Wholesale in full for purchase on October 9

October 27 - Purchased office supplies from Spice General Merchandise, P2,000

Terms: 25% down, balance: 2 percent discount if paid within 5 days, no discount beyond 5 days but payable within 15 days

October 31 - Collected in full from Moffats Enterprise

Prepare the journal entries using the periodic system. Assume that the business is a NON-VAT registered business. 1. Sold merchandise on account to B. Streisand, P3,500 Terms: 2/10,n/45, F.O.B. Shipping Point 2 Granted allowance to B. Streisand for merchandise delivered in wrong size and color, P500 3 Purchased merchandise on credit from C. Dione Wholesale, P8,700 Terms: 2/15,n/60, FOB Shipping Point 4 Received bill for freight on shipment received October 3, P700 5 Received 50% partial collection from B. Streisand 6 Sold merchandise for cash, P3,500 7 Purchased merchandise, P5,000. Terms: Cash on Delivery (COD) 8 Purchased merchandise from Boyzone, Inc. P5,500 including freight costs of P500. Terms :1/15,n/60, F.O.B. Shipping Point 8 Sold merchandise on account to M. Jacson, P4,800. Terms: 2/10,n/30 9 Purchased merchandise from C. Dione Wholesale, P7,700. Terms: 2/15,n/30, F.O.B. Shipping Point 10 Received bill for freight on the shipment received on October 9, P800 10 Received full collection from B. Streisand for sale on October 1 11 Returned P500 worth merchandise with defects to Boyzone,Inc. 12 The Accounting Dept. Found an overcharge of P500 for October 9 purchases 17 Paid in full C. Dione Wholesale for purchase of October 3 18 Received collection in full from M. Jacson. 19 Received 50% collection from Moffats Enterprise. As per arrangement, a discount was allowed on this partial collection 23 Paid in full Boyzone, lnc. 24 Paid freight charges for October purchases 24 Paid C. Dione in full for purchase of October 9 27 Purchased office supplies from Spice General Merchandise, P2,000. Terms:25\% down, balance 2/5,n/15 31 Collected in full from Moffats Enterprise