The Merchandise Inventory of Pilipinas Marketing on June 30, 20x1 is P800,000.. Following are the transactions...

  

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The Merchandise Inventory of Pilipinas Marketing on June 30, 20x1 is P800,000.. Following are the transactions for the month of July 20x1. Purchased merchandise on account from Agoncillo Trading, P1,000,000. Terms: 3/10, n/30; FOB destination. Jul 1, 20x1 Purchased merchandise on account from Bonifacio Trading, P1,100,000. Terms: 5/10, n/30; Jul 3, 20x1 Jul 4, 20x1 Returned defective merchandise to Agoncillo Trading P10,000.00. Sold merchandise on account to Katipunan Merchandising, P1,100,000. Terms: 3/10, n/30; FOB destination. The cost of merchandise sold is P1,000,000. Jul 5, 20x1 Jul 10, 20x1 Paid in full the account due to Agoncillo Trading. Jul 10, 20x] Sold merchandise on account to Kalayaan Merchandising, P1,210,000. Terms: 5/10, n/30. The cost of merchandise sold is P1,100,000. Received defective merchandise from Katipunan Merchandising, P11,000. The cost of the defective merchandise received is P10,000. Jul 11, 20x1 Jul 12, 20x1 Paid in full the account due to Bonifacio Trading. Jul 15, 20x1 Collected in full the account due from Katipunan Merchandising. Jul 20, 20x1 Collected in full the account due from Kalayaan Merchandising. Jul 22. 20x1 Purchased merchandise on account from Del Pilar Trading, P1,200,000. Terms: 20, n/30; FOB destination, freight collect. Paid charge for freight, P3,000. Sold merchandise on account to Katarungan Merchandising, PI,320,000. Terms: 20, n/30; FOB destination, freight prepaid. Paid charge for freight, P4,000. The Jul 25, 20x1 cost of merchandise sold is P960,000. Jul 27, 20x1 Purchased merchandise on account from Gabriela Trading, P1,500,000. Terms: 20 and 5, n/30; FOB shipping point, freight collect. Paid charge for freight. P5,000. Sald merchandise on account to Kapayapaan Merchandising, Pl,650,000. Terms: 20 and 5, n/30; FOB shipping point, freight collect. The cost of merchandise sold is P1,140,000. Jul 30, 20x1 Jul 31, 20x1 Actual count of Merchandise Inventory on hand, P719,300. Required: 1. Prepare the journal entries applying: a. Periodic Inventory System b. Perpetual Inventory System 2. Prepare a ledger for Merchandise Inventory account and post the entries. 3. Determine the inventory loss, if any. The Merchandise Inventory of Pilipinas Marketing on June 30, 20x1 is P800,000.. Following are the transactions for the month of July 20x1. Purchased merchandise on account from Agoncillo Trading, P1,000,000. Terms: 3/10, n/30; FOB destination. Jul 1, 20x1 Purchased merchandise on account from Bonifacio Trading, P1,100,000. Terms: 5/10, n/30; Jul 3, 20x1 Jul 4, 20x1 Returned defective merchandise to Agoncillo Trading P10,000.00. Sold merchandise on account to Katipunan Merchandising, P1,100,000. Terms: 3/10, n/30; FOB destination. The cost of merchandise sold is P1,000,000. Jul 5, 20x1 Jul 10, 20x1 Paid in full the account due to Agoncillo Trading. Jul 10, 20x] Sold merchandise on account to Kalayaan Merchandising, P1,210,000. Terms: 5/10, n/30. The cost of merchandise sold is P1,100,000. Received defective merchandise from Katipunan Merchandising, P11,000. The cost of the defective merchandise received is P10,000. Jul 11, 20x1 Jul 12, 20x1 Paid in full the account due to Bonifacio Trading. Jul 15, 20x1 Collected in full the account due from Katipunan Merchandising. Jul 20, 20x1 Collected in full the account due from Kalayaan Merchandising. Jul 22. 20x1 Purchased merchandise on account from Del Pilar Trading, P1,200,000. Terms: 20, n/30; FOB destination, freight collect. Paid charge for freight, P3,000. Sold merchandise on account to Katarungan Merchandising, PI,320,000. Terms: 20, n/30; FOB destination, freight prepaid. Paid charge for freight, P4,000. The Jul 25, 20x1 cost of merchandise sold is P960,000. Jul 27, 20x1 Purchased merchandise on account from Gabriela Trading, P1,500,000. Terms: 20 and 5, n/30; FOB shipping point, freight collect. Paid charge for freight. P5,000. Sald merchandise on account to Kapayapaan Merchandising, Pl,650,000. Terms: 20 and 5, n/30; FOB shipping point, freight collect. The cost of merchandise sold is P1,140,000. Jul 30, 20x1 Jul 31, 20x1 Actual count of Merchandise Inventory on hand, P719,300. Required: 1. Prepare the journal entries applying: a. Periodic Inventory System b. Perpetual Inventory System 2. Prepare a ledger for Merchandise Inventory account and post the entries. 3. Determine the inventory loss, if any.

Answer rating: 100% (QA)

1 Journal Entries a Periodic Inventory System Date Particulars Debit Credit 31 Jul Dr Opening Inventory 800000 Dr Cost of Good Sold 4038600 Dr Loss 68... View the full answer