Aira Bautista distributors and Vince Angeles Retailers engaged in the following transactions during the month of...
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Aira Bautista distributors and Vince Angeles Retailers engaged in the following transactions during the month of May 2018. May 2018 3 in 5 6 7 11 12 13 17 20 24 28 29 30 31 Vince purchased merchandise on credit from Aira, P112.000. Terms: FOB Shipping Point freight prepaid: 1/10 n/30. Aira paid freight charges amounted P1010 P450. Aira sold additional merchandise to Vince for cash, P17.500; FOB destination freight prepaid Aira paid the freight charges amounted Aira received the returns of merchandise for the purchased last May 3. P11,100. Vince sold merchandise to Amielle amounted P54,100: Terms: 1/10, n/30; FOB destination freight collect P500 Aira received payment from Vince for the purchased last May 3. including the freight charges Amielle of returned 1/3 of merchandise purchased last May 7 due to damages on the same date. Amielle paid the merchandise to Vince. Aira sold merchandise to Vince, P111,100. Terms: 18% discount; FOB Shipping point freight collect 2/10. n/30 Vince paid the freight charges on May 13, P1.040. Aira received returns from Vince for the purchased last May 13, P19.500. Aira received payment from Vince for 1/4 of the purchased on May 13. A discount is allowed on partial payment. Aira sold merchandise to Ruth, P15,100:15% trade discount; FOB Destination freight prepaid 2/10, n/30 Aira paid freight charges on May 28, 2017 P491 Aira sold merchandise to Vince amounted 32.000. FOB Destination freight prepaid 2/10. n/30. Aria paid transportation fee amounted 300. Vince returned the 10% of the purchases last May 30. On the same date. Vince paid for the remaining payables from Aira. Required: 1. Prepare the Journal entries for Vince Angeles Aira Bautista distributors and Vince Angeles Retailers engaged in the following transactions during the month of May 2018. May 2018 3 in 5 6 7 11 12 13 17 20 24 28 29 30 31 Vince purchased merchandise on credit from Aira, P112.000. Terms: FOB Shipping Point freight prepaid: 1/10 n/30. Aira paid freight charges amounted P1010 P450. Aira sold additional merchandise to Vince for cash, P17.500; FOB destination freight prepaid Aira paid the freight charges amounted Aira received the returns of merchandise for the purchased last May 3. P11,100. Vince sold merchandise to Amielle amounted P54,100: Terms: 1/10, n/30; FOB destination freight collect P500 Aira received payment from Vince for the purchased last May 3. including the freight charges Amielle of returned 1/3 of merchandise purchased last May 7 due to damages on the same date. Amielle paid the merchandise to Vince. Aira sold merchandise to Vince, P111,100. Terms: 18% discount; FOB Shipping point freight collect 2/10. n/30 Vince paid the freight charges on May 13, P1.040. Aira received returns from Vince for the purchased last May 13, P19.500. Aira received payment from Vince for 1/4 of the purchased on May 13. A discount is allowed on partial payment. Aira sold merchandise to Ruth, P15,100:15% trade discount; FOB Destination freight prepaid 2/10, n/30 Aira paid freight charges on May 28, 2017 P491 Aira sold merchandise to Vince amounted 32.000. FOB Destination freight prepaid 2/10. n/30. Aria paid transportation fee amounted 300. Vince returned the 10% of the purchases last May 30. On the same date. Vince paid for the remaining payables from Aira. Required: 1. Prepare the Journal entries for Vince Angeles
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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