Problem 15

Journalizing Merchandising Transactions

Marichu Fornolles Novelties engaged in the following transactions in December 2021:

Dec. 7 Sold merchandise on credit to Caindec Store, terms n/30, FOB shipping point,
P30,000

8 Purchased merchandise on credit from Kho Traders, terms n/30. FOB shipping point,
P60,000

9 Paid Dinopol Freight for shipping charges on merchandise purchased on Dec. 8,

P2540

10 Purchased merchandise on credit from Magallanes Importers, terms n/30, FOB

shipping point, P95,400. Freight costs of P600 paid by Magallanes

13 Purchased office supplies on credit from Carlos Supplies, terms n/10, P24,000

14 Sold merchandise on credit to Zosa Gifts terms n/30, FOB shipping point, P24,000

14 Returned damaged merchandise received from Kho Traders on Dec. 8 for credit,
P6,000

17 Received check from Caindec Store for his purchase of Dec. 7

18 Returned a portion of the office supplies received on Dec. 13 for credit because the
wrong items were sent, P4,000

19 Sold merchandise for cash, P18,000

20 Paid Magallanes Importers for the purchase on Dec. 10

21 Paid Kho Traders the balance from transactions of Dec. 8 and 14

24 Accepted from Zosa gifts a return of merchandise , P2,000

Prepare the journal entries