TITAN MERCHANDISING

Required: Journalize the following transactions for Titan Merchandising for the month of October.

1 Eren Yeager invested P300,000 in cash to begin his business.

2 Purchased goods from Reiner worth P82,500. Term: COD.
FOB Shipping Point, Collect.
4 Paid for the freight on the Reiner shipment upon receipt, P4,500.
5 Purchased goods from Zeke for P25,000 less 20% trade discount. Terms: 2/10, n/30.
6 Sold merchandise to Bertolt P90,000. Terms:2/10, n/30.
FOB Destination Point, Prepaid, P2,000.
10 Purchased an office equipment from Pieck P20,000 plus freight of P500. Terms: 2/10, n/30.
12 Sold goods on account to Ymir, P72,000, 2/eom, n/30.
FOB Shipping Point, Prepaid, P1,500.
14 Prepared a cash voucher for P9,800 as partial payment to Zeke.
15 Ymir returned P10,000 worth of goods due to wrong specifications.
16 Collected the account of Bertolt in full.
17 Received a cash refund of P2,500 on goods returned to Reiner.
18 Eren withdrew goods costing P5,000 but is priced to sell at P7,000.
19 Paid Pieck’s account.
20 Paid the balance due to Zeke.
21 Collected P30,000 from Ymir.
22 Purchased goods from Armin, P45,000. Terms: 3/eom, n/30.
FOB Destination Point, Collect for P500.
25 Returned P8,000 worth of goods to Armin due to damage.
28 Ymir paid its account in full.
30 Armin was paid in full.

1 | FDNACCT / AY2122_T1
1 Eren Yeager invested P300,000 in cash to begin his business.
2 Purchased goods from Reiner worth P82,500. Term: COD.
2 FOB Shipping Point, Collect.
4 Paid for the freight on the Reiner shipment upon receipt, P4,500.
5 Purchased goods from Zeke for P25,000 less 20% trade discount. Terms: 2/10, n/30.
6 FOB Destination Point, Prepaid, P2,000.
10 Purchased an office equipment from Pieck P20,000 plus freight of P500. Terms: 2/10, n/30.
12 Sold goods on account to Ymir, P72,000, 2/eom, n/30.
12 FOB Shipping Point, Prepaid, P1,500.
14 Prepared a cash voucher for P9,800 as partial payment to Zeke.
15 Ymir returned P10,000 worth of goods due to wrong specifications.
16 Collected the account of Bertolt in full.
17 Received a cash refund of P2,500 on goods returned to Reiner.
18 Eren withdrew P5,000 in cash for personal expenses.
19 Paid Pieck’s account.
20 Paid the balance due to Zeke.
21 Collected P30,000 from Ymir.
22 Purchased goods from Armin, P45,000. Terms: 3/eom, n/30.
22 FOB Destination Point, Collect for P500.
25 Returned P8,000 worth of goods to Armin due to damage.
28 Ymir paid its account in full.
30 Armin was paid in full.

2 | FDNACCT / AY2122_T1