Merchandising Operations | 419 NAME: SECTION: SCORE: PROFESSOR: problem #16 journalizing Sales and Purchase-Related Transactions jones Ramos Distributors and Eva Cammayo Retailers engaged in the following transactions during the month of May 2015: May 4 Ramos sold merchandise on account to Cammayo, P162,000. Terms: FOB destination; 2/10, n/30. Freight charges 5 amounted to P2,000. Ramos sold merchandise on account to Cammayo, P710,000. Terms: FOB shipping point; 2/10, n/30. Freight charges amounted to P8,000. 6 7 Cammayo paid freight charges on the purchase of May 5. Ramos received returned merchandise from Cammayo in the amount of P12,000 from the May 4 sale. 9 Ramos received payment from Cammayo for the May 4 transaction less returns and discounts. 10 Ramos paid the transportation charges on the May 4 shipment. 12 Ramos received payment from Cammayo for the May 5 transaction. 18 Ramos sold merchandise on account to Cammayo, P250,000. Terms: 40% trade discount; FOB shipping point; 2/10, n/30. 21 Cammayo paid freight charges on the May 18 transaction, P3,000. 23 Ramos received payment from Cammayo for the amount due from the transaction of May 18. Required: 1. Prepare the journal entries for Ramos Distributors. 2. Prepare the journal entries for Cammayo Retailers