Met Gala Clothing Company uses the periodic inventory system. The following are the transactions occurred in the month of August: Aug 1: Purchased merchandise from MQA, Inc. for credit for P20,000, terms 2/10, 1/15, n/30 (FOB shipping point). Aug 5: Returned faulty merchandise purchased for P1,000 on Aug 1 to MQA, Inc. for credit Aug 8: Purchased merchandise on account from JCV Inc., for P15,000, terms 3/15 (FOB Destination) Aug 11: Paid freight charges of P750 for merchandise ordered from MQA, Inc.

Met Gala Clothing Company uses the periodic inventory system. The following are the transactions occurred in the month of August: Aug 1: Purchased merchandise from MQA, Inc. for credit for P20,000, terms 2/10, 1/15, n/30 (FOB shipping point). Aug 5: Returned faulty merchandise purchased for P1,000 on Aug 1 to MQA, Inc. for credit Aug 8: Purchased merchandise on account from JCV Inc., for P15,000, terms 3/15 (FOB Destination) Aug 11: Paid freight charges of P750 for merchandise ordered from MQA, Inc.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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