JOURNALIZE THE TRANSACTION. Eselyn Antonio company and Gracelyn Ibanez company engaged in the following transactions during the month of February 2020. All sales made to Gracelyn Ibanez was mark up at 30% of cost

Feb 2 Eselyn Antonio Company sold merchandise on account to Gracelyn Ibanez, P832,000 Feb shipping point 3/10, n/30. Freight charges for Suzette Albino shipping company amounted to P12,000.

Feb 5 Eselyn Antonio Company sold Merchandise to Gracelyn Ibanez Company on account forP221,000 terms FOB destinations 3/10, n/30/. Freight Charges amounted to P4,500.

Feb 8 Eselyn Antonio received returned merchandise from Gracelyn Ibanez Company in the amount of P32,500 from the sales made on Feb 2, 2020

Feb 9 Eselyn Antonio Company paid the transportation charges on Feb 5, shipment

Feb 10 Gracelyn Ibanez paid the freight charges on the purchase on Feb 2

Feb 11 Eselyn Antonio Company received payment from Gracelyn Ibanez Company for the Feb 2 transaction

Feb 12 Eselyn Antonio company sold merchandise on account to Gracelyn Ibanez, P487,500, terms FOB shipping point, 2/10, n/30.

Feb 13 Eselyn Antonio received returned merchandise from Gracelyn Ibanez Company in the amount of P15,600 from the sales made on Feb 5, 2020

Feb 14 Eselyn Antonio Company sold merchandise to Gracelyn Antonio for Cash P162,500. FOB destinations. Freight charges amounted to P4,500

Feb 15 Gracelyn Ibanez paid the freight charges on the purchase on Feb 12 transaction

Feb 17 Eselyn Antonio Company received payment from Gracelyn Ibanez Company for the Feb 5 transaction.

Feb 18 Eselyn Antonio Company received returned merchandise from Gracelyn Ibanez company in the of amount P37,050

Feb 21 Eselyn Antonio Company received payment from Gracelyn Ibanez company for the Feb 12 transaction.

Feb 24 Eselyn Antonio Company paid the transportation charges on Feb 14 transaction.

REQUIREMENT:

1. PREPARED THE JOURNAL ENTRIES FOR ESELYN ANTONIO COMPANY

2. PREPARED THE JOURNAL ENTRIES FOR GRACELYN IBANEZ COMPANY