DATE ACCOUNTS TITLE/ EXPLANATION P.

R DEBIT CREDIT
Feb-01 Merchandise inventory P15,000
Cash P15,000
Merchandise bought for cash

2 Cash 10,000
Sales 10,000
Sold merchandise for cash

2 Cost of goods sold 8,000

Merchandise inventory 8,000
Sold merchandise for cash

3 Merchandise inventory 30,000

Accounts payable 30,000
merchandsie bought on account

5 Accounts receivable 12,000

Sales 12,000
Sold merchandise on account

5 Cost of goods sold 9,000

Merchandise inventory 9,000
Sold merchandise on account

6 Cash 800
Merchandise inventory 800
Cash refund for merchandise return

8 Accounts Payable 700

Merchandise Inventory 700
Offsetting of account

10 Freight In 400
Cash 400
Cash payment for freight cost

11 Utilities Expense 3,000

Cash 3,000
Cash payment for utilities expense

13 Accounts Payable 29,300

Cash 28,714
Merchandise Inventory 586
Full payment of transaction #3
15 Merchandise Inventory 600
Cash 600
Cash payment for freight cost

17 Sales return and allowances 1,000

Account receivable 1,000
Offsetting of account