Paz Trading Business

The transactions of Mr. Paz for the month of May are given below: (VAT Inclusive)

May 1 - Received cash for investment, P150,000 per O.R. 2101

May 1 - Cash purchases, P15,000, per check no. 0011

May 2 - Bought equipment worth P34,500 for cash, per check no. 0012

May 3 - Purchased merchandise on account from Merchant Generals per invoice no. 1221,
P16,000. Terms 2/10, n/30.

May 4 - Bought supplies on account to Shop'n School per inovice 1222, P13,000. Terms: n/15.

May 5 - Cash sales P8,000. Per O.R. 2102

May 6 - Sold on account to Althea Menice, P3,200, per invoice 1001. Terms 2/10, n/15

May 7 - Purchased merchandise on account from Hakuna Co. per invoice 1223, P26,000. Terms
3/15, n/30.

May 8 - Paid transportation charge for merchandise bought per invoice 0013, P1,200. 

May 8 - Cash purchases, P2,600, per check no. 0014

May 9 - Sold merchandise to Pat Mendez, P1,850, per invoice 1002. Terms 1/10, n/15.

May 10 - Received P3,142.86 from Althea Menice for full payment of account, per O.R. 2103 less
cash discount P57.14.

May 12 – Cash sales, P4,500, per O.R 2104

May 12 – Sold merchandise on account to F. Rama P8,000 per invoice 1003. Terms 3/15, n/60

May 13 – Loan to Manila Bank for additional funds, P50,000.

May 15 – Issued check 0015 for employees’ salaries, P5,000.

May 17 – Purchased merchandise on account from Chits Co. P12,000 per invoice 1224 Terms:
2/15, n/30.

May 17 – Issued check 0016 for freight charge P150.00.

May 18 – Issued credit memo for merchandise returned to us, P300.

May 19 – Cash sales P2,000 per O.R 2105

May 20 – Cash sales, P6,400 per invoice no. 2106.

May 20 – Received P7,785.71 from F. Rama for her full account on May 12, per O.R 2107 less
cash discount P214.29.

May 21 – Purchased merchandise from Ambon Ang P10,000 per invoice no. 1224. Terms: 2/10,
n/30.

May 22 – Received P1,850 cash payment from Pat Mendez, per O.R 2108

May 23 – Sold merchandise to Chara Tero P7,600, per invoice 1004. Terms: 3/10, n/30

May 24 – Cash sales, P6,000 per invoice 2109.

May 25 – Received debit memorandum for merchandise we returned to Ambon Ang, P2,000.

May 26 – Cash purchases, P6,000 per check 0017.

May 28 – Issued check 0018 to Hakuna Co. in partial payment of account on May 7, P18,000.

May 31 – Issued check 0019 to the pay the following expenses: Salaries, P5,000, Utilities,
P2,300.