problem #14 Hy 141 June 1 4 6 Recording Transactions in the Cash Receipts and Cash Payments Journals PROFESSOR The following cash transactions of the Paga Distributors occurred during the month of June 2020. The company uses cash receipts and cash payments journal Borrowed P60,000 from the V Espiritu tank by issuing a 12%, 60 day note payable 2 Purchased merchandise, P47,000. Issued check no. 71. Sold merchandise, P62,000. Paid an invoice amounting to P28,000 to Y. Filamor company less 2% discount, issued check no. 72 7 Collected amount due less 3% discount on an invoice of P29.000 from D. Sandoval Company 10 Collected amount due less 3% discount on an invoice of P22,000 from D. Mallari Supplies 12 Paid freight charges on sales, P1,000. Issued check no. 73 14 Paid for advertising, P3,000. Issued check no 74 15 Paid salaries, P12,000. Issued check no. 75 18 Sold merchandise, P33,000 19 Paid an invoice amounting to P29,000 to the C. Gonzaga Company less 2% discount Issued check no. 76. 20 Collected P26,000 past due invoice from R. Reyes Company 23 Purchased merchandise, P9,000. Issued check no. 77. 26 Paid past due invoice to D. Ramos, Inc., P32,000. Issued check no. 78 28 V. Abulencia, the owner, withdrew P30,000 from the business, issued check no. 79. Required: Record the transactions in the cash receipts and cash payments journals. Foot and crossfoot the journals.