Vat Rate 12%

Problem 1 MLacsa Traders engaged in the following transactions: Oct 7 Purchased merchandise on credit from Salamat Wholesalers, terms n/30, FOB shipping point, P60,000 plus VAT. 10 Pi Purchased merchandise on credit from Gerona Imports, terms n/30, FOB shipping point, P90,000 plus VAT. Sold merchandise on credit to Lacson Retailers, terms n/30, FOB Shipping point, P70,000 plus VAT. Sold merchandise on credit to Moreno Corp., terms n/30 FOB shipping, P104,000 plus VAT. Nov 8 Sold merchandise to Okana Retailers, terms n/30, FOB shipping point, P26,800 VAT inclusive. 15 Sold merchandise for cash, P20,160 VAT inclusive. 25 Purchased merchandise for cash P33,600 VAT inclusive. 28 Purchased merchandise on credit P8,000 plus VAT. Required: Journalize the above transactions. Problem 2 The following cash transactions of Mari Distributors occurred during the month of June 2018. The entity uses cash receipts and cash payments journal. June 1 Borrowed P60,000 from the Yu Bank by issuing a 12%, 60-day note payable. Issued OR No. 001 Purchased merchandise, P47,000. Issued check no. 71, Check Voucher No. 001. Sold merchandise, P62,000, issued OR No. 002. Paid an invoice amounting to P28,000 to Y Babe less 2% discount. Issued check no. 72, Check Voucher No. 002. Collected amount due less 3% discount on an invoice of P29,000 from D Nabale. Issued OR No. 003 Collected amount due less 3% discount on an invoice of P22,000 from D Nangyare supplies. Issued OR No. 004