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Lumen Almachar operates a neighborhood pharmacy in front of the community hospital. The books of original entry include purchases journal, cash payments journal and general journal. A subsidiary ledger is used for accounts payable. The following are the transactions related to purchases and cash payments for the month of June: June 1 Purchased merchandise from Seco Co. on account for P23,420. Invoice no. 71 dated June 1, terms 2/10, n/30, 2 Issued check no. 536 for P10,000 in payment of rent for June. S Purchased merchandise from Ricarte Drug Supply on account for P56,240. Invoice no. 72 dated June 2, terms 1/15, n/30. 7 Purchased merchandise from Casas Drug Co. on account for P36,735. Invoice no. 73 dated June 5, terms 3/10 com. 9 Issued check no. 537 to Seco Co. in payment of invoice no. 71 less 2% discount. 12 Received a credit memorandum from Ricarte Drug Supply for P4,620 for merchandise returned that was purchased on June 5. 14 Purchased merchandise from Baling Drug Co. on account for P47,940. Invoice no. 74 dated June 14, terms 2/10, n/30. 15 Received a P5,370 credit memorandum from Casas Drug Co. for merchandise 16 returned that was purchased on June 7. Issued a check no. 538 to Ricarte Drug Supply in payment of invoice no. 72 less 23 the credit memorandum of June 12, and less 1% discount. discount. Issued check no. 539 to Balino Drug Co. in payment of Invoice no. 74 less 2% 27 Purchased merchandise from Abeto Pharmaceuticals on account for P63,847. 30 Invoice no. 75 dated June 27, terms 2/10 com. merchandise. Issued check no. 540 for P27,020 to Tudtud Co. for a rush purchase of Required: 1. Record the transactions in the purchases (page 7), cash payments (page 7) and general journals (page 7). 2. Enter the totals and rule the purchases and cash payments journals. Post from the journals to the general ledger accounts and accounts payable subsidiary ledger. Use the following accounts: Cash (110), P918,000; Accounts Payable (210), P621,769; Purchases (510), P1,382,625; Purchases Returns and Allowances (520), P31,623; 3. Purchases Discounts (530), P21,145 and Rent Expense (620), P50,000. Prepare a schedule of accounts payable. Show that the total of accounts payable in the schedule equals the difference between the June 1 balance and the June 30 balance of Accounts Payable in the general ledger. Problem #1 Recording and Posting Sales Transactions Using Special Journals Olson Sala Company completed the following sales transactions during the month of June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at the transaction date. June Olson Sala invested P52,000 of his funds In the business. WHY Sold merchandise on account to R. Bituin, P32,000. Invoice no. 377. Sold merchandise on account to A. Perdales, P54,000. Invoice no. 378. 4 7 Sold P46,000 of merchandise for cash. Received payment from R. Bituin less discounts. 9 Received payment from A. Perdales less discounts. 13 Sold merchandise to B. Ceballus on account, P62,000. Invoice no. 379. 15 Borrowed P30,000 from the Monte de Santa Cruz Bank by issuing a 10% note payable due in 3 months. 15 B. Ceballus returned P11,000 of merchandise from the June 13 sale. 16 Sold merchandise to A. Ramel on account, P17,000. Invoice no. 380 21 Collected amount due from B. Ceballus less returns and discounts. 29 Received P6,000 from A. Ramel. 30 Sold goods on account to P. Maritimo, P34,000. Invoice no. 381. Required: 1. Record the transactions in the appropriate journals. 2 . Total the sales and cash receipts journals. 3. Using the following account numbers and journal page numbers, post to the general and accounts receivable ledgers: Account No. Journal Page No. Cash 110 Sales . Accounts Receivable 16 120 Cash Receipts Notes Payable 35 210 General 13 Sala, Capital 310 Sales 410 Sales Returns and Allowances 420 Sales Discounts 430 Prepare a schedule of accounts receivable. problem #2 PROFESSOR: Recording and Posting Purchase Transactions Using Special Journals The following are the purchase transactions for the Crescenceo Laurente Company for terms. the month of Oct. 2015. Merchandise purchased on account has a 2/10, n/30 credit Oct. 1 Purchased merchandise on account from E. Dulay Supply Company, P54,000, 4 Invoice dated Oct. 1. 79. Paid E. Dulay Supply Company amount due less discounts. Issued check no. 6 Purchased merchandise on account from L. Campos Company, P92,000. 7 Invoice dated Oct. 6. Paid freight charges on the merchandise purchased from L. Campos 9 Company, P3,000. Issued check no. 80. Returned P5,000 of merchandise purchased from L. Campos Company on Oct. 6. 10 Paid L. Campos Company amount due less returns and discounts, Issued check no. 81. 15 Pald salaries, P12,000. Issued check no. 82. 16 17 Purchased merchandise for cash, P19,000. Issued check no. 83. Purchased merchandise on account from E. Cernias Company, P39,000. Invoice dated Oct. 16. Purchased merchandise on account from D. Palsado Company, P41,000. Invoice dated Oct. 19. Paid insurance premiums, 82,000. Issued check no. 84. 24 Laurente withdrew P15,000 from the business. Issued check no. 85. 25 Purchased merchandise from L. Sedanto Company, P58,000. Invoice dated Oct. 24. 30 Paid D. Palsado Company P11,000 on account from the Oct. 19 purchase. Issued check no. 86. 31 Returned P8,000 of merchandise purchased on Oct. 25 from L. Sedanto Company. Required: 1. Record the transactions in the appropriate journals. 2 . Total the journals and post to the general and accounts payable ledgers. Use the following account numbers: Cash (110); Accounts Payable (210); Laurente, Capital (310); Laurente, Withdrawals (320); Purchases (510); Purchases Returns and Allowances (520); Purchases Discounts (530); Transportation In (540); Salaries Expense (610); Insurance Expense (620). The journals with their corresponding page numbers: Purchases (25); Cash Payments (43) and General (13). Prepare a schedule of accounts payable