Case Problem: Nov 2 John Dave Started his Bakeshop and invested an initial capital of P1,300,000.00. He named his business "John Dave's Bakery". Nov 2 Purchased equipment on account worth P170,000, terms 5/10, n/30. Nov 2 Paid the initial rent amounting to P40,000. Nov 3 Purchased merchandise from Dewey's Factory worth P300,000 on account. As per invoice, 20% discount will be less if the amount will be fully paid within the month . Should there will partial payments made, the discount will be applied to the remaining balance. The cost of merchandise is P170,000. Nov 3 Purchased furniture and fixtures amounting to P180,000, cash. Nov 4 Purchased office supplies on account from V. Soliven Inc., P20,000. Nov 4 Purchased additional machine from Mark's Machinery worth P400,000, on account. 5% discount will be given for any purchases made higher than P300,000. Nov 5 Sold merchandise to Joel as per change invoice #701 at P65,000 terms 8/12, n/15. The cost of merchandise sold is P27,000. Nov 5 On the same day, sold merchandise to Jojo worth P38,000, cash. The cost of merchandise sold is P15,500. Nov 6 Returned defective merchandise to Dewey's Factory worth P15,000. Nov 7 Joel returned defective merchandise worth P10,000. Nov 8 Jojo returned defective merchandise worth P5,000. Nov 9 Paid 70% of purchased merchandise from Dewey's Factory. Nov 9 Paid 35% of the amount to V. Soliven Inc. Nov 10 Borrowed money from Boni Lending Services as evidence by promissory note amounting to P500,000. Nov 10 Purchased a brand new motorcycle amounting to P90,000, and a second hand car worth P290,000, cash.Nov 11 Sold merchandise to Aurora on account P100,000, terms 3/15, n/30 per invoice #322,but P25,000 cash was paid right away. Discount will be applied to the remaining amount. The cost of merchandise is P65,000. Nov 12 Purchased merchandise to J. Ruiz Merch worth P270,000, cash. The cost of goods is P190,000. Nov 12 Purchased merchandise to Gilmore Merch on account worth P150,000, with a 10 discount available when paid in full in 30 days . The cost of goods is P100,000. Nov 13 Sold merchandise to Doroteo for P78,000 cash. The cost of merchandise sold is P50,000. Nov 14 Aurora returned defective product worth P5000.00. Nov 14 Returned defective product to J. Ruiz Merch worth 15,000. Nov 15 Paid the salaries of employees amounting to P 50,000. Nov 15 John Dave made a personal withdrawal worth P 12,000. Nov 15 Received payment from Joel in full. Nov 16 Sold merchandise to Recto on account, P125,000. The cost of merchandise sold is P 62,000. No discount was promoted during this day. Nov 16 Purchased a parcel of land, worth P1,500,000. The bank made the payment for the said asset and issued a mortgage to John Dave. Nov 17 Sold merchandise to Pedro Gil on cash worth P200,000. The cost of merchandise sold is P140,000. Nov 18 Purchased additional merchandise to Gil Puyat Suppliers on account, P 300,000, terms, 7/15, n/30. Nov 19 Paid the insurance of employees, P30,000 cash. Nov 20 Purchased additional supplies to V. Soliven Inc. worth P40,000, cash. Prior to that, payment of the remaining balance on Nov. 4 was made. Nov 21 Returned defective merchandise to Gil Puyat Suppliers worth P5,000. Nov 22 Paid the remaining balance to Dewey's Factory. Nov 23 Received payment from Aurora. Nov 24 Paid Gilmore Merch in full.Nov 25 Paid the following: water- P3000, Electricity- P 8000 and Telephone- P6000. Nov 25 Purchased merchandise to V. Mapa Inc. Amounting to P360,000, cash. The cost of merchandise is P 290,000. Nov 26 Sold a P500,000 worth of merchandise to Legarda Comp. 70 % cash was paid right way and the remaining balance will be paid after 15 days. The cost of goods is P420,000. Nov 26 Sold P200, 000 worth of goods to Betty Go Corp. 10% Discount will be granted if they will pay at least P100,000. Betty Go Corp paid 50% of the goods and the remaining will be paid on the succeeding month. The cost of goods is P140,000. Nov 27 Borrowed money from Taft Lending Services as evidence by promissory note amounting to P400,000. Nov 28 Purchased additional merchandise to Antipolo Suppliers amounting to P320,000, on account. No promo or discount was offered. Nov 29 Paid 60 % of balance to Gil Puyat Suppliers Nov 29 Returned P13,000 worth of merchandise to V. Mapa Inc. Nov 30 Paid the wages of employees amounting to 50,000. Nov 30 John Dave made a personal withdrawal worth 30,000