XY Enterprise engaged in the following selected transactions for June 2020. (PERIODIC SYSTEM)June 1 - Cash purchase amounted to Php 30,000.

June 4 - Purchased from Mr. A goods costing Php 25,000. Terms: Php 5,000 down, balance 2/5, 1/10, n/30.

June 5 - Purchased goods from Mr. B, Php 20,000 on a cash basis. Paid freight of Php 2,500. FOB Shipping.

June 7 - Returned some goods to Mr. B and was given cash credit for Php 2,000.

June 10 - Paid Mr. A.

June 14 - Bought goods from Mr. X worth Php 30,500 on account. Freight of Php 2,500 was paid for the delivery of goods. FOB Destination.

June 17 - Bought goods from Mr. Y worth Php 16,000. Terms: Php 2,000 down, balance 2/10, n/30.

June 22 - Paid Mr. X.

June 29 - Paid Mr. Z.

Required:
Journalize the transactions above.
Compute for the net purchase.

Answer rating: 100% (QA)

XY Enterprise Journalize the transactions Date Particulars Amt in Amt in June 1 Purchase Ac Dr To Ca... View the full answer