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INSTRUCTIONS: Prepare the necessary journal entries below Use only the following accounts: Accounts payable Accounts receivable Cash Freight out Input tax Output tax Purchase
INSTRUCTIONS: Prepare the necessary journal entries below Use only the following accounts: Accounts payable Accounts receivable Cash Freight out Input tax Output tax Purchase discounts Purchase returns and allowances Purchases Sales Sales discounts Sales returns and allowances DO NOT TYPE the accounts in the cell. COPY & PASTE the accounts above or USE the link function to avoid typo errors. For multiple debits or multiple credits: 1st cell - Sales, Sales returns and allowances, Sales discounts, Purchases, Purchase returns and allowances, Purchase discounts 2nd cell - Input tax, Output tax 3rd cell - Cash Use the indention as formatted. If a journal entry is not necessary, copy & paste this on the cell after the date -> No entry. Problem: June 1 - Golden Company purchased merchandise on account from Silver Company for P10,000 exclusive of VAT. Terms: 2/10, n30. June 2 - Silver Company paid the freight, P500. June 5 - Golden returned P2,000 fo the merchandise and was granted full credit. June 9 - Golden Company paid the total amount due to Silver Company.
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