Ash Company sold P40,000 worth of merchandise to Nops Trading on July 19 with terms 2/10,...

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Ash Company sold P40,000 worth of merchandise to Nops Trading on July 19 with terms 2/10, n/30. Cost of merchandise sold is P30,000. Ten percent of the goods were returned to Nops Trading due to wrong specifications. Cost of goods returned is P3,000. Ash Co. settled the accounts on July 28. Required: I. a. Give the necessary journal entries under periodic inventory system. b. Give the necessary journal entries under perpetual inventory system During the month of April 2000, The Galon Company and the Queddeng Supply Company entered into the following transactions. April 5 Galon purchased merchandise on account from Queddeng, P243,000. Terms: 3/10, n/30. 7 Galon purchased merchandise on account from Queddeng, P470,000. Terms: 3/10, n/30 8 Galon returned P18,000 of merchandise to Queddeng from April 5 purchase. 10 14 21 Galon paid Queddeng the amount due on April 5 transactions. Galon Paid Queddeng the amount due on from the April 7 transactions. Galon Purchased merchandise from Queddeng on account, P270,000 Terms: 20% trade discount, 3/10, n/30. Galon paid Queddeng the amount due on the April 21 transactions. 26 Required: a. Prepare the journal entries for Galon Company b. Prepare the journal entries for Queddeng Company Ash Company sold P40,000 worth of merchandise to Nops Trading on July 19 with terms 2/10, n/30. Cost of merchandise sold is P30,000. Ten percent of the goods were returned to Nops Trading due to wrong specifications. Cost of goods returned is P3,000. Ash Co. settled the accounts on July 28. Required: I. a. Give the necessary journal entries under periodic inventory system. b. Give the necessary journal entries under perpetual inventory system During the month of April 2000, The Galon Company and the Queddeng Supply Company entered into the following transactions. April 5 Galon purchased merchandise on account from Queddeng, P243,000. Terms: 3/10, n/30. 7 Galon purchased merchandise on account from Queddeng, P470,000. Terms: 3/10, n/30 8 Galon returned P18,000 of merchandise to Queddeng from April 5 purchase. 10 14 21 Galon paid Queddeng the amount due on April 5 transactions. Galon Paid Queddeng the amount due on from the April 7 transactions. Galon Purchased merchandise from Queddeng on account, P270,000 Terms: 20% trade discount, 3/10, n/30. Galon paid Queddeng the amount due on the April 21 transactions. 26 Required: a. Prepare the journal entries for Galon Company b. Prepare the journal entries for Queddeng Company

Answer rating: 100% (QA)

a Journal entries under periodic inventory system for Ash Company July 19 Accounts Receivable Nops Trading 40000 Sales 40000 To record the sale of merchandise to Nops Trading Cost of Goods Sold 30000 ... View the full answer