EXERCISES ON MERCHANDISING: Record on your notebook. I will check!!

See
format below for your guide. Show your computations after each journal entry ( the
computations MAY NOT BE in good formatjust a one liner solution--- as shown in
the example below).
Transaction:
On May 1, 2013, Paid account with DEF in full.

May 1 Accounts Payable - DEF 24,000
Cash 23,520
Purchase Discount 480
Paid account in full
( P25,000-1000) x .02 = 480)
(24,000 480 = 23,520)
June 1 Eastern Trading purchased 500 units merchandise from Northern Trading at
a unit price of P320, less trade discount of 2-3-5. Paid a cash downpayment
of 25%, with balance on terms 2,10, 1/15, n/30.
1 Eastern paid freight cost or merchandise amounting to P800
2 Issued a Debit Memo to Northern Trading amounting P3,160
5 Eastern paid 25% partial payment of the account with Northern Trading.
15 Eastern paid full payment of the account with Northern.

16 Eastern Trading sold 200 units of merchandise to Western Marketing at a unit
price of P450, less 5-5-5. Receiving P 15,000 downpayment, and the balance
on terms 2/10, n/30.
16 Paid freight cost of the merchandise sold amounting to P2,000
17 Issued a Credit Memo to Westerm Marketing amounting to P3,600
19 Collected 50% of the account with Western Marketing
26 Collected in full the account of Western Marketing

July 1 Easten Trading purchased from Southern Supplies come papers, ballpens,
envelopes, ink and ribbons to be used in the office amounting to P8,000.
Paid 25% cash downpayment, while balance in on terms 2/10, n/30.
2 Returned some supplies costing P1,000 due to wrong specification.
3 Paid 50% of the account with Southern Supplies
10 Paid account with Southern Supplies in full.

12 Eastern purchased 2 unit of computers from HUB Store for the store costing
P50,000 each. Paid 40% downpayment, balance on terms n/10.
22 Paid account with HUB in full.