Perpetual Inventory System

Jancy Co. distributes make-ups to retail stores. The following were the transactions of
Jancy Tan Company for the month of March 2019.

March 1 Jancy Tan made the following investment:

Cash – P 300,000
Furniture & Fixtures – P 150,000
2 Paid business permits to the city government, P2,400.
Purchased office equipment on account from Mars Company and issued a
4 promissory note, P250,000.
5 Purchased store supplies inventory on account from Krissy Altura.
8 Purchased merchandise in cash, P75,000.
10 Sold merchandise for cash, P10,000. The cost of merchandise sold was P7,580.
11 Purchased merchandise on account from (name), P25,000. Term: 2/10, n/30.
13 Return P1,200 cost of merchandise purchased on March 8 for not confirming the
order, refund was received.
15 Sold merchandise on account to (name), P15,000. Term: 3/10, n/30. The cost of
merchandise sold was P10,550.
17 Bought merchandise in cash, P60,000 and paid freight of P1,000.
19 Sold merchandise in cash, P20,000 and paid freight of P1,500. The cost of
merchandise sold was P14,800.
20 Paid on account on March 11, net of 2% discount.