Prepare general journal entries for the following transactions for March 2020:

On March 2020, Mrs. C, starts wholesaling business. Following transactions as

follows:
1. He started business with capital of P15,000 and Land worth P10,000.
8. Bought goods from ABC and Friends P1,000 and by cash from XYZ Co. Rs
2,000.
13. Sold goods to Father & Sons P1,500 and sale by cash P5,000.
21. Paid ABC and Friends cash P975.
28. Received cash from Father & Sons P1,450.

Use the following accounts in your journal entries:

• Cash
• Land
• Accounts Payable
• Purchases
• Sales
• Accounts Receivable