The following are the purchase transactions for the Bittersweet Company for the month of October 2020,...

  

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The following are the purchase transactions for the Bittersweet Company for the month of October 2020, Merchandise purchases on account has a 2/10, n/30. Oct. 1- Purchase merchandise on account from Apple supply Co. P60,000. 2 - Issued check in payment of account to Apple Supply Co. 3 - Purchase merchandise on account to Pear Co. for P68,000. 8- Paid freight charges on the merchandise purchased from Pear Co. P3,000. 9 - Returned P6,000 of merchandise purchased from Pear Co. 10 - Issued check in payment to account to Pear Co. 15 Issued check for payment of salaries P122,200. 16- Purchase merchandise for cash P26,000. Issued Check. 17- Purchased merchandise on account from Peach Bookstore P55,000. 21- Paid insurance premiums P4,600. Issued check. 22 Bittersweet withdrew P50,000 from the business. 25 Purchased merchandise from Verdict Pascal P68,000 on account. 28 Paid Peach Bookstore. Issued Check. 30 - Returned P5,000 of merchandise purchased on Oct. 25 Required: 1. Record the transactions in purchase journal, cash payment journal and General journal. 2. Total the Purchase and Cash payment Journal. The following are the purchase transactions for the Bittersweet Company for the month of October 2020, Merchandise purchases on account has a 2/10, n/30. Oct. 1- Purchase merchandise on account from Apple supply Co. P60,000. 2 - Issued check in payment of account to Apple Supply Co. 3 - Purchase merchandise on account to Pear Co. for P68,000. 8- Paid freight charges on the merchandise purchased from Pear Co. P3,000. 9 - Returned P6,000 of merchandise purchased from Pear Co. 10 - Issued check in payment to account to Pear Co. 15 Issued check for payment of salaries P122,200. 16- Purchase merchandise for cash P26,000. Issued Check. 17- Purchased merchandise on account from Peach Bookstore P55,000. 21- Paid insurance premiums P4,600. Issued check. 22 Bittersweet withdrew P50,000 from the business. 25 Purchased merchandise from Verdict Pascal P68,000 on account. 28 Paid Peach Bookstore. Issued Check. 30 - Returned P5,000 of merchandise purchased on Oct. 25 Required: 1. Record the transactions in purchase journal, cash payment journal and General journal. 2. Total the Purchase and Cash payment Journal.

Answer rating: 100% (QA)

Here are the journal entries for the transactions Purchase Journal Date Particulars Lef Right Oct 1 ... View the full answer