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On October 1, 2021, the ledger accounts of Bowowow Cebu Trading, owned and operated by Akko C. Dougie, showed the ff. balances: Cash Supplies

On October 1, 2021, the ledger accounts of Bowowow Cebu Trading, owned and operated by Akko C. Dougie, showed 20 22 23 24 25 26 27 29 30 31 31 Cash sales for the week per cash invoice # 855-886 amounted to P 32,500 Sent 

On October 1, 2021, the ledger accounts of Bowowow Cebu Trading, owned and operated by Akko C. Dougie, showed the ff. balances: Cash Supplies Equipment Land Building Dougie, Capital The following transactions occurred during the same month: Date 1 2 3 10 000 Bought from Chupacabra's Inc. per cash invoice # 4711, pencils, stationary, envelopes, wrappers, etc. worth P 450 for business use. 4 Received credit memo # 412 from Rawr Co., for damaged goods returned to them worth P 800 Paid VECO P 750 for the electric bill of the previous month. Cash sales for the week, per cash invoice # 804-831, amounted to P 28,400 Issued to Mingming Trading credit memo # 63 for P 350, for an adjustment in the price charged to them Sold various goods to Kainin Keeta Trading values at P 14,400 per invoice number 4682 and received a downpayment of P 5,400, the balance payable in 15 days, less 2% Bought various articles for sale from Everdeen Co. worth P 22,500 per invoice number 1495, Terms 3/10, 2/20, n/60 5 6 8 9 10 11 12 13 15 16 17 18 P 15,000 1,500 13,000 40,500 100,000 170,000 19 Bought merchandise from Rawr Co. per invoice # 5524, worth P 26,800, Terms: 2/15, n/30 Sold to Mingming Trading various goods and novelties worth P 9,350, per invoice # 4681, Terms: 2/10, n/20 Received a check from Mingming Trading in full payment of Invoice # 4681 Paid Chucabra Lines P800 for freight on the July 10 Shipment Cash Sales for the week per cash invoice # 832-854, amounted to P21,500 Issued a check to Rawr Co., in full settlement of invoice # 5524 Received credit memo # 9344 from Everdeen Co. for P 800 freight as it agreed to absorb the transportation charge Sold to Mellark Marketing various articles worth P 12,400 per invoice # 4683 Terms: 3/10, n/30 Mr. Dougie withdrew goods valued at P 900 and cash amounting to P 500 Collected from Anita's Supply rental for 6 months ending March 2022. Monthly rental is P 1,500 20 22 23 24 25 26 27 29 30 31 31 Cash sales for the week per cash invoice # 855-886 amounted to P 32,500 Sent credit memo # 64 to Mellark Marketing for P 400 for the freight which it paid in the shipment of July 17. It was agreed that the freight was to be absorbed by Bowowow Cebu Trading. Paid Sigurista Insurance Co. P2,400 for a 1-year premium on a P 150,000 fire policy on merchandise. Received remittance of Kainin Keeta Trading in full of account. Received the remittance of Mellark Marketing, in full of account. Brought from Mandaue Traders various items for sale with P 32,000 per invoice # 6742, Terms: 3%, 15 e.o.m. Cash sales for the week per cash invoice # 887-914 amounted to P26,400 Sold to Talisay Trading various goods worth P16,500 per invoice #4684, receiving a downpayment of P4,500 and the balance payable 2%, 10 e.o.m. Paid P9,000 for the monthly payroll Sold merchandise to Cup & Saucer worth P 6,000 Terms: 1/20, n/30 per invoice #4685 Paid Sunstarry News P300 for advertisement Instructions: Prepare the journal entries, separately for both Periodic and Perpetual inventory systems. Supply your own account names but be as general as possible. For the perpetual inventory system, assume a 50% markup on cost.

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Journal Entries Periodic Inventory System October 1 Debit Purchases Merchandise Inventory P26800 Credit Accounts Payable Rawr Co P26800 October 2 Debit Accounts Receivable Mingming Trading P9350 Credi... blur-text-image

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