Merchandise Transactions

Trinity Company

Journalize transactions under Periodic and Perpetual Inventory System

Dec. 1- Sold merchandise to Rosario Santiago on credit, terms n/30, F.O.B Shipping point, P10, 500 (cost P6, 300)

2- Purchased merchandise on credit from Rock Company, terms n/30, FOB Shipping point ,

P19, 000.

2- Paid custom freight P1, 450 for freight charges on merchandise received.

6- Purchased store supplies on credit from Rome Supply House, terms n/30 , P3, 180.

9- Purchased merchandise on credit from BTG Company, terms n/30, FOB Shipping point,

P18, 000 incuding P1, 000 freight charges paid by BTG Company.

11- Accepted from Rosario Santiago a return of merchandise, which was returned to inventory,

P1, 500 (cost , P900).

14- Returned for credit P3,000 of merchandise received on Dec 2.

15- Returned for credit P1, 000 of store supplies purchased on Dec 6.

16- Sold merchandise for cash, P5, 000 (cost, P3, 000).

22- Paid Rock Company for purchase of Dec 2 less return on Dec 14.

23- Received full Payment from Rosario Santiago for her Dec 1 purchase, less return on Dec 11.