1.

Victoria Enterprises had the following transactions for the month:

Feb. 4 Purchased merchandise with a list price of P430,000 with a trade discount of 4% from
Vivian Enterprise, terms, 2/10. n/30, FOB Shipping point.

Feb.5 Purchased merchandise from Gregory Trading for cash, P120,900.

Feb.6 Sold goods to Earl Trading for cash, P86,400, FOB, Destination, freight prepaid, P 2,000.

Feb. 7 Returned goods to Vivian Ent. 5,000 due to damages.

Feb. 10 Paid freight for the purchased goods on Feb. 4., P3,000.

Feb. 11 Paid Vivian the accounts owed.

a. Prepare journal entries

2. Francis trading had the following transactions for the month.

May 3 Purchased merchandise with a list price of P220,000 from Gabby Enterprise, terms,
4/10. n/30, FOB Destination.

May 4 Purchased merchandise from SUV Trading, P180,000, terms, 4/5, n/20.
May 4 Sold goods to to MC Sari Store. , for cash P 16,900.
May 5 Sold to Mariton grocery goods amounting to P134,000 with terms 3/15, n/30. FOB
Destination.
May 6 Sold to Grace Trading goods amounting to P145,000 with terms 2/10,n/30.
May 6 Paid freight on May 5 transaction.
May 7 Mariton Grocery, returned 4,000 worth of goods because it was damaged along the
way.
May 12 Collected the account to Mariton Grocery.
May 13 Settled the account to Gabby Ent.
May 20 Settled the account to SUV
May 25 Collected from Grace Trading.

a. Prepare the journal entries

b. How much is the net purchases?
c. how much is the net sales?

3 MBW Trading had the following transactions for the month.

May 3 Sold goods to Viking Store. , for cash P 145,000.

May 3 Sold to Leslie Grocery goods amounting to P200,000 with terms 3/15, n/30. FOB
Destination, freight collect. Freight is P2,000

May 4 Purchased merchandise with a list price of P150,000 from Happy Enterprise, terms,
5/10. n/30, FOB Shipping Point.

May 4 Purchased merchandise from Sun Trading, P120,000, terms, 4/10, n/20.

May 5 Sold to People Trading goods amounting to P190,000 with terms 2/10,n/30.

May 6 Paid freight, P3,000 on sale to Happy Ent.

May 7 Leslie Grocery, returned 5,000 worth of goods because it was damaged along the way.

May 12 Collected the account to Leslie Grocery.

May 13 Settled the account to Happy Ent.

May 20 Settled the account to Sun Trading

May 25 Collected from People Trading.

a. Prepare the journal entries

b. compute for the net sales
c. Compute for the net purchases