pls answer problem no. 15, this problem pertains to sales transactions of a vat exempt entity that uses the periodic inventory method. complete the requirements of the problems and answer the following questions:note: you need to prepare the ledger and subsidiary ledgers so you can provide the balances.

and credited to b. Entry on Sept.9 by Teddy Bear Company if the settlement report was not immediately approved. Another entry on Sept 19 assuming it was approved.. 15. Max Santos, distributor of imported magazines, engaged in the following selected transactions for June. 1 Cash sales amounted to P27,500. 3 Sold to Rolling Bookstore magazines costing P19,000. Terms: P9,000 down, balance 2/5, 1/10,n/30. 5 Delivered magazines to St. Benilde, P14,000. Terms: COD. FOB Destination, The appropriate party paid for freight, P2,300. 7 A cash customer returned some magazines which were not in their purchase order and was given a cash credit for P1,250. 13 Rolling Bookstore paid its account, P5,000 15 Brenda, a regular customer, bought goods worth P8,500 for her bookstore. Freight of P1,500 was prepaid under the term FOB Destination. 2/5, 1/10, n/30. 18 Shepherd Voice Publishing House bought books worth P6,000. Terms: P2,000 down balance 2/10, n/30, FOB shipping point. Freight collect P300. 25 Collected the account of Brenda, P5,000. 27 Collected the balance from Rolling Bookstore. Required: a. Journalize the above transactions. Assume that the company is VAT exempt. b. Open a T account for the accounts receivable, post the entries and extract the balance. c. Open subsidiary ledgers for account customers, post entries and extract the balances. Reconcile against the accounts receivable balance. 16. Hair Care Company, a wholesaler of hair products, purchased goods on April 5 from Henna Products for P50,000. Hair Care made a down payment of P10,000, balance 2/10, n/30 FOB destination. The appropriate party paid for P1,000 freight cost. Goods costing P5,000 were returned on April 6 Hair Care paid Henna Products the amount due on April