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Merchandising

PROBLEM #17 Journaling Merchandising Transactions Transactions for the Mariano Lerin Bookstore for March 2019 folowe Mar. 2 3 5 6 7 9 10 11 12 13 15 Purchased merchandise on credit from Digao Publishers, terms 2/10, w/30, FOB destination, 74,000 Sold merchandise on credit to Detoya Books shop,terms 1/10/30, FOB shipping point, P 10.000 Sold merchandise for cash, P 7.000 Purchased and received merchandise on credit from Made Easy Bookstore terms 2/10, 1/30. FOB shipping point, P 42,000 Received freight bill from Super Express from shipment received on Mar 6. P 570 Sold merchandise on credit to Recoletos books, terms 1/10, 1/30, FOB destination, P38.000 Purchased merchandise from Digao Publishers, terms 2/10, 30,FOB shipping point, P26,500, including ruht costs of P500 Received freight bill from Super Express for sale on Mar. , P 291. Paid Digao Publishers for purchase of Mar. 2. Received payment in ful for Detoya Books Shop's purchase of Mar. 3. Paid Made Easy Bookstore all the amount owed on the Mar. 6 purchase A discount is allowed on partial payment. Returned faulty merchandise worth P3,000 to Digao Publishers for credit against purchase of Mar. 10. Purchased office supplies from Olamit Supplies for P 4,780, termn/10 Received payment from Recoletos Books for half of the purchase of Mar 9. A discount allowed on partial payment Pald Dipso Publishers in ful for amount owed on purchase of Mar. 10, less return on Mar 15 Sold merchandise to Sred Trading on credit, terms 2/10, 1/30, FOB shipping point, P 7.800. Returned for credit several terms of office supplies purchased on Mat. 16, P1,280 Issued a credit memoto Sir Ed Trading for returned merchandise P 1.800 Paid for purchase of Mar. 16. less returns on Mar. 20 Paid freight Entity for freight charges for Mar, 7 and 11. Received payment of amount owed by Sir Ed Trading for purchase of Mar 19. less credits of Mar 22 Paid Made Easy Bookstore for the balance on the Mar, 6 purchase. Sold merchandise for cash, P9,730 16 17 19 20 22 25 26 27 28 31 Required: Prepare the Journal entries (Perlodic Inventory System

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