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Vangie Company, a merchandising concern entity, has the following transactions during 2020: Purchased merchandise amounting to P100,000. Terms: 2/10, n/30. Sold merchandise to various customers,
Vangie Company, a merchandising concern entity, has the following transactions during 2020:
- Purchased merchandise amounting to P100,000. Terms: 2/10, n/30.
- Sold merchandise to various customers, P125,000. Cost of merchandise sold, P65,000.
- Approved and accepted the return of merchandise from customer due to wrong delivery, P12,000. The cost of the inventory is P8,000.
- Paid freight for merchandise sold, P12,000.
- Returned merchandise to suppliers due to damages, P15,000.
- Acquired merchandise from various suppliers, P180,000. Terms: less 10%, 2/10, n/30.
- Paid accounts payable to various suppliers amounting to P90,000 less 2% discount
- Sold merchandise to various customers, P90,000. Cost of merchandise sold, P55,000.
- Received proceeds from accounts receivable collection amounted to P100,000, net of 2% discounts.
- Paid freight for merchandise purchased, P18,000.
Requirements:
- Record the above transactions using
- Periodic Inventory System
- Perpetual Inventory System
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