The transactions for ABC Company for the month of April, 2015 are shown below. (Assume the...

  

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The transactions for ABC Company for the month of April, 2015 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions. April 3 Sold merchandise to Mr. Santos on account, P380,000, FOB shipping point, terms: 2/10, n/30. Purchased merchandise from Jordan Company on account, P252,000, FOB shipping point, terms: 2/10, 1/15, n/30. 4 Paid shipping charges of P28,000 for merchandise purchased on April 4. Purchased office equipment for P50,400 from Best Equipment on account, FOB destination, terms: n/30. 9 Received P28,000 worth of merchandise returned by Mr. Santos. The goods were slightly damaged while in transit. A credit memo was issued to Mr. Santos. 11 Returned damaged merchandise worth P5,600 to Jordan Company, the amount was deducted from the April 4 account. 13 Received full payment from Mr. Santos for the April 3 account less the returns made on April 9. 18 Purchased merchandise from King Company on account for P22,400. FOB shipping point, terms: 2/10, n/30. 19 Paid shipping charges of P2,240 on merchandise purchased from King Company. 22 Sold merchandise to Evans Company for P89,600 on account, FOB shipping point, terms: 2/15, n/30. 23 Defective merchandise was returned by Evans Company and a credit memorandum was issued for P3,360. 26 Paid in full Jordan Company. 30 The owner, Mr. ABC, withdrew P5,000 cash for personal use. 5 6 Required: 1. Journalize the transactions in the books of ABC Company. 2. Prepare a trial balance dated April 30, 2015. The transactions for ABC Company for the month of April, 2015 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions. April 3 Sold merchandise to Mr. Santos on account, P380,000, FOB shipping point, terms: 2/10, n/30. Purchased merchandise from Jordan Company on account, P252,000, FOB shipping point, terms: 2/10, 1/15, n/30. 4 Paid shipping charges of P28,000 for merchandise purchased on April 4. Purchased office equipment for P50,400 from Best Equipment on account, FOB destination, terms: n/30. 9 Received P28,000 worth of merchandise returned by Mr. Santos. The goods were slightly damaged while in transit. A credit memo was issued to Mr. Santos. 11 Returned damaged merchandise worth P5,600 to Jordan Company, the amount was deducted from the April 4 account. 13 Received full payment from Mr. Santos for the April 3 account less the returns made on April 9. 18 Purchased merchandise from King Company on account for P22,400. FOB shipping point, terms: 2/10, n/30. 19 Paid shipping charges of P2,240 on merchandise purchased from King Company. 22 Sold merchandise to Evans Company for P89,600 on account, FOB shipping point, terms: 2/15, n/30. 23 Defective merchandise was returned by Evans Company and a credit memorandum was issued for P3,360. 26 Paid in full Jordan Company. 30 The owner, Mr. ABC, withdrew P5,000 cash for personal use. 5 6 Required: 1. Journalize the transactions in the books of ABC Company. 2. Prepare a trial balance dated April 30, 2015.

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Answer Solution Date A Journal Entry Account Title Explanation 02Mar Purchase Discount Received Cash ... View the full answer