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424 | Basic Financial Accounting and Reporting by Prof. WIN Ballada NAM SCORE: SECTI NAME: PROFESSOR: SECTION: Proble Problem #3 Record Recording Transactions in Purchases, Cash Payments and General Journal The fo Lumen Almachar operates a neighborhood pharmacy in front of the community hospital. The books of original entry include purchases journal, cash payments journal June 2 and general journal. A subsidiary ledger is used for accounts payable. The following are June 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. 5 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 Balino Drug Co. on account for P47,940. Invoice no. 74 dated June 14, terms 2/10, n/30. Received a P5,370 credit memorandum from Casas Drug Co. for merchandise returned that was purchased on June 7. 16 Issued a check no. 538 to Ricarte Drug Supply in payment of invoice no. 72 less the credit memorandum of June 12, and less 1% discount. 23 Issued check no. 539 to Balino Drug Co. in payment of invoice no. 74 less 2% discount. 27 Purchased merchandise from Abeto Pharmaceuticals on account for P63,847. Invoice no. 75 dated June 27, terms 2/10 com. 30 Issued check no. 540 for P27,020 to Tudtud Co. for a rush purchase of merchandise. Required: Requ 1. Record the transactions in the purchases (page 7), cash payments (page 7) and Rec general journals (page 7). cros 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; 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.Special and Combination Journals, and Voucher System | 425 NAME: SCORE: SECTION: PROFESSOR: Problem #4 Recording Transactions in the Cash Receipts and Cash Payments Journals The following cash transactions of the Papa Distributors occurred during the month of June 2018. The company uses cash receipts and cash payments journal. June 1 Borrowed P60,000 from the V. Espiritu Bank by issuing a 12%, 60-day note payable. 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