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Subject: Accounting

C. Preparation of Journal Entries During the month of October, the following transactions occurred for Daet Bicycle Store. Merchandise inventory has a beginning balance of 25 bicycles at P12,000 each (net of 12% MT}. Oct. 4 14 15 To 21 30 31 31 Purchased 4U bicycles at a cost of P14,000 each inclusive of12% Value-Added Tax each from Coo Bicycle Company, on account. Sold 50 bicycles to Team Cyclist for P19,600 each inclusive of 12% VAT on account. Record the rebate expense for the 50 bicycles. Daet offers P600 cash rebate for its bicycle sold, if the customer presents the rebate coupon enclosed in the package plus the official receipt. The Company estimated that 10% of the rebate coupons will be redeemed. {Disregard VATi Purchased office supplies on account, P15,120, inclusive of 12% VAT. Received P21,000 cash in advance for monthly repairs to be rendered for four months starting the month of October. (Disregard VAT) Received credit for the poor quality office suppiies purchased on Oct 14, P4032, inclusive of 12% VAT Customers redeemed 35 rebate coupons for the bicycles sold on Oct 6. [Disregard VAT) Paid the salaries of employees totaling to P38,000 with the following deductions iDisrega rd VAT) Withholding tax P7,100 SSS contributions 3,000 Philhealth contributions 800 Earned one month revenue related to the October 15 transaction. (Disregard VAT} Set up VAT receivable or payable. NOTE: For sale of products, use "Sales\" account; for services rendered, use " Service Revenue\" account Required: For each date above, prepare the necessary journal entries. Please observe properjournal entries. Nosupportinq solutions required. Round-off amounts to the nearest peso. ' '