Below are transactions for March, 2016 for Angel Ltd.

:
1-Mar Purchased $25,000 of merchandise on account for terms 2/10, n30.
3-Mar Sold merchandise to a customer for $5,000 for terms 1/10, n30. (Cost $2,600)
4-Mar Customer from March 3 returned $200 of some unsuitable goods which were returned to inventory. (Cost $100)
5-Mar Purchased $15,000 of merchandise from a supplier for cash and arranged for shipping, fob shipping point.
6-Mar Paid $200 for shipping on the March 5 purchase.
7-Mar Contacted the supplier from March 5 regarding $2,000 of merchandise with some minor damages. Supplier agree
8-Mar Sold $25,000 of merchandise forshipping costs for the goods sold to the customer.
9-Mar Shipped the goods sold on March 8 to customer for $500 cash.
11-Mar Paid for fifty percent of the March 1 purchase to the supplier.
13-Mar Collected the account owing from the customer from March 3.
15-Mar Purchased office supplies on account for $540 for terms 1/10, n30.
18-Mar Ordered merchandise inventory from a supplier totalling $15,000. Goods to be shipped on April 10, fob shipping p
20-Mar Collected $6,010 cash from an discount had expired.
25-Mar Paid for the March 15 purchase.
27-Mar Sold $12,500 of merchandise inventory for cash (Cost $5,000).
31-Mar Paid the remaining of the amount owing from the March 1 purchase.
Required: Prepare the journal entries, if any, for Angel Ltd.
(Both Perpetual and Periodic Inventory Systems)
ed to inventory. (Cost $100)
g, fob shipping point.

nor damages. Supplier agreed to reduce the price and offered an allowance of $500 cash, which was accepted.

ed on April 10, fob shipping point.

 Periodic Inventory System Perpetual Inventory System
1-Mar Purchases 25,000 Inventory
Trade Payable 25,000 Trade Payable

3-Mar Trade Receivables 5,000 1 Trade Receivables

Sales 5,000 Sales
2 COGS
Inventory

4-Mar Sales returns 200 1 Sales returns

Trade Receivables 200 Trade Receivables
2 Inventory
COGS

5-Mar Purchases 15,000 Inventory

Cash 15,000 Cash

6-Mar Carriage inwards/freight/tra 200 Inventory

Cash 200 Cash

7-Mar Cash 500 Cash

Purchase returns & allowances 500 Inventory

8-Mar Trade Receivables 25,000 1 Trade Receivables

Sales 25,000 Sales
2 COGS
Inventory

9-Mar Carriage outwards/freight/tr 500 Carriage outwards/freight/tran

Cash 500 Cash

11-Mar Trade Payable 12,500 Trade Payable

Cash 12,250 Cash
Discount received 250 Inventory

13-Mar Cash 4,752 Cash

Discount allowed 48 Discount allowed
Trade Receivables 4,800 Trade Receivables

15-Mar Office supplies 540 Office supplies

Account Payable 540 Account Payable

18-Mar No entry No entry

20-Mar Cash 6,010 Cash

Trade Receivables 6,010 Trade Receivables

25-Mar Account Payable 540 Account Payable

 Cash 535 Cash
Discount received 5 Discount received

27-Mar Cash 12,500 1 Cash

Sales 12,500 Sales
2 COGS
Inventory

31-Mar Trade Payable 12,500 Trade Payable

Cash 12,500 Cash
etual Inventory System
25,000
25,000

5,000
5,000
2,600
2,600

200
e Receivables 200
100
100

15,000
15,000

200
200

500
500

25,000
25,000
13,000
13,000

500
500

12,500
12,250
250

4,752
48
e Receivables 4,800

540
unt Payable 540

No entry

6,010
e Receivables 6,010

540
 535
unt received 5 (same entry as it payment not for inventory but for supplies.)

12,500
12,500
5,000
5,000

12,500
12,500