Journal Entry Page 1

Periodic Inventory
No. Account Title Debit Credit
Feb-1 Purchases ₱10,000
Cash ₱10,000
Purchased goods on cash

2 Office Equipment ₱6,000

Accounts Payable ₱6,000
Purchased equipment on credit

3 Cash ₱5,000
Sales ₱5,000
Sold merchandise for cash

4 Accounts Receivable ₱10,000

Sales ₱10,000
Sold merchandise on credit. 2/10, n/30

5 Freight-out ₱400
Cash ₱400
Paid transportation charges on merchandise

Journal Entry Page 2

Periodic Inventory
6 Purchases ₱15,000
Accounts Payable ₱15,000
Purchased merchandise on credit. 2/10, 1/15, n/30

7 Freight-in ₱500
Cash ₱500
Freight charges on merchandise

8 Sales Returns and Allowances ₱800

Cash ₱800
Received refund for merchandise returned

9 Cash ₱9,800
Sales Discount ₱200
Account Receivable ₱10,000
Collected accounts due from customers.

10 Cash ₱1,200
Purchased Returns and Allowances ₱1,200