Question: accounting Problem 3: Use current journal entries answer sheet. Mei Company engaged in the following transactions for the month of April. Record the transactions using

accounting

Problem 3: Use current journal entries answer sheet. Mei Company engaged in the following transactions for the month of April. Record the transactions using the perpetual inventory system. April 2 Purchased goods from Jane Trading on credit. Terms: 2/10, n/30, P80,000 10 Returned 20% defective goods to Jane Trading 13 Cash sales, P46,000 (cost, P27,000) 15 Purchased goods from Peggy Co., P40,000; Terms: 25% DP, 3/15, n/30 19 Sold goods to Menchang Trading on credit. Terms: 2/10, n/30, P100,000 (cost, P59,000) 23 Received returned goods from Menchang Trading P40,000 (cost, P24,000) 25 Paid Peggy Co. in full. 26 Menchang Trading settled its account in full. 27 Settled April 2 account in full 29 Cash purchase, P50,000

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