(Solved):Q: Required: Journa…

 

Question

Question

Required: Journal Entries using PERIODIC INVENTORY SYSTEM

  1- Paid P300 for store supplies bought from ABC Store.

            7- Bought a typewriter from Honk Store for office use, P15,000. Terms: 2/10,

                        n/30.

            7- Paid the freight for the above purchase, P500.

            8- Cash purchases, P6,000.

            9- Bought merchandise from NOA Company, P20,000. Terms: 2/10, n/30. FOB

                        Shipping point.

            9- Paid freight for the above merchandise,

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