P8-2 At the beginning of the current season on April 1, the ledger of Cho Cho's Pro Shop showed cash P250,500, Merchandise Inventory P300,500, and Cho Ramos, Capital P551,000. The following transactions were completed during April. (Note: Transactions pertaining to merchandise is VAT inclusive.) April 5 7 9 10 14 16 Purchased golf bags, clubs, and balls on account from Balata Co.P179,200, FOB shipping point, terms 2/10, n/60. Paid freight on Balata purchase P8,000. Received credit from Balata Co. for merchandise returned P22,400, Sold merchandise on account to members P10,800, terms n/30. Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear P73,920, terms, 1/10,n/30. Paid Balata Co. in full. Received credit from Arrow Sportswear for merchandise returned, P7,840. Made sales on account to members P41,440, terms n/30. 21 Paid Arrow Sportswear in full. Granted credit to members for clothing that did not fit, P3,360. Made cash sales P67,200. Received payments on account from members P19,100. The chart of accounts for the Pro Shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 301 C. Ramos Capital, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 510 Purchases, No. 512 Purchase Returns and Allowances, No. 514 Purchase Discounts, No. 516 Freight-in. 20 27 30 30 P8-2 At the beginning of the current season on April 1, the ledger of Cho Cho's Pro Shop showed cash P250,500, Merchandise Inventory P300,500, and Cho Ramos, Capital P551,000. The following transactions were completed during April. (Note: Transactions pertaining to merchandise is VAT inclusive.) April 5 7 9 10 14 16 Purchased golf bags, clubs, and balls on account from Balata Co.P179,200, FOB shipping point, terms 2/10, n/60. Paid freight on Balata purchase P8,000. Received credit from Balata Co. for merchandise returned P22,400, Sold merchandise on account to members P10,800, terms n/30. Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear P73,920, terms, 1/10,n/30. Paid Balata Co. in full. Received credit from Arrow Sportswear for merchandise returned, P7,840. Made sales on account to members P41,440, terms n/30. 21 Paid Arrow Sportswear in full. Granted credit to members for clothing that did not fit, P3,360. Made cash sales P67,200. Received payments on account from members P19,100. The chart of accounts for the Pro Shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 301 C. Ramos Capital, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 510 Purchases, No. 512 Purchase Returns and Allowances, No. 514 Purchase Discounts, No. 516 Freight-in. 20 27 30 30