PC Incorporated

PC Company is engaged in small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memorandum entries. The following are extracted from the company's records:

Accounts receivable

370,000

increase

Notes receivable

200,000

decrease

Accounts payable

150,000

decrease

Notes payable - trade

200,000

increase

Notes payable bank

300,000

increase

Sales returns (P50,000 was refunded)

80,000

Sales discounts

20,000

Purchase returns (P30,000 was refunded)

80,000

Purchase discounts

35,000

Accounts written-off

60,000

Recovery of accounts written off

18,000

Cash sales

300,000

Cash purchases

250,000

Cash received from account customers

1,500,000

Cash payment to trade creditors

1,200,000

Total Gross Sales:

Total Gross Purchases: