BM1

Name:                                                                         DATE:                              

SCORE:
Recording Merchandising Transactions Using Periodic Inventory System (9 items x 3 points)
Assuming that Mac Company uses the periodic inventory system, prepare the journal entries to the following transactions:
July 01

02

02

09

11

14

16

22

23
Sold merchandise to A Company on credit, terms n/30, FOB shipping point, P105,000 (cost, P63,000).

Purchased merchandise on credit from B Company, terms n/30, FOB shipping point, P190,000.

Paid Custom Freight P14,500 for freight charges on merchandise received.

Purchased merchandise on credit from C Company, terms n/30, FOB shipping point, P180,000, including P10,000 freight costs
paid by C Company.
Accepted from A Company a return of merchandise, which was returned to inventory, P15,000 (cost, P9,000).

Returned for credit P30,000 of merchandise purchased on July 2.

Sold merchandise for cash, P50,000 (cost, P30,000).

Paid B Company for purchase of July 2 less return on July 14.

Received full payment from A Company for his July 1 purchase, less return on July 11.
Reference
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Accounting principles (12 ed.). United States of America: John Wiley & Sons, In
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