journal entries for Chic Co. began business on October 1, 2016.

Selected transactions for October related to its merchandising business are given below.

OCT 1 Chic invested P500,00 in the business.

OCT 4 Purchased merchandise from Tecla Co. the list price is P50,000 with terms of 5-10, 2/15, n/30; FOB Shipping Point, Freight Prepaid; P750

OCT 6 Sold merchandise for P15,000 to Bee Trading. Terms: 1/20, n/60 FOB Shipping Point, Freight Prepaid.

OCT 10 Cash sales to Bugnot CO, P6,000, FOB Destination, Freight Prepaid, P500

OCT 12 Returned defective merchandise to Tecla Co., P2,000

OCT 15 Received returns from Bee Trading, P1,000.

OCT 19 Paid Tecla Co. in full

OCT 26 Bee Trading settled its account in full.

ALSO REQUIRED:

TRIAL BALANCE

Journal entries May Daya Co. for January 2018

JAN 2 M. Daya withdrew P500,000 from her bank account and invested it in the business

JAN 5 Purchased office supplies worth P1,500 using cash

JAN 6 Purchased merchandise from 888 Trading. P120,000. Terms: 20% down, balance 2/10, n/30. FOB Destination, Freight Collect, P3,000

JAN 7 Purchased merchandise from Zyndee Trading, P50,000. Terms: 10-10, 2/10, n/30. FOB Shipping Point, Freight Collect P720

JAN 9 Sold merchandise to Robin Store, P100,000. Terms: 10-5. 1/15, n/30

JAN 11 Returned defective office supplies, P1.200

JAN 15 Returned defective merchandise purchase from 888 Trading, P8,000

JAN 16 Paid 888 Trading in full

JAN 18 Sold merchandise to Never Emporium, P60,000. Terms: 1/10, n/60, FOB Destination, Freight Prepaid, P1,200

JAN 20 Robin Store returned defective merchandise worth P11,000

JAN 22 M. Daya withdrew P10,000 for personal use

JAN 24 Robin Store settled its account in full

JAN 28 Never Emporium settled its account in full

JAN 30 Settled account with Zyndee Trading in full

JAN 31 Purchased merchandise from Tokong Co. P120,000 cash. Terms: FOB Destination, Freight Prepaid, P4,000.

ALSO REQUIRE:

TRIAL BALANCE