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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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REQUIREMENTS:
1. EQUITY STATEMENT
2.
3. INCOME STATEMENT

Transcribed Image Text:Problem 3: Use current journal entries answer sheet.
Jaden Sales Company engaged in the following transactions for the month of September using the periodic inventory
method.
Sept 1
Purchased goods from Mc Trading. Terms: 10-10, 1/20EOM, P200,000.
Returned 40% defective goods.
Cash sales, P92,000 (cost, P55,000)
8
11
14
Purchased goods from Jamie Enterprise worth P51,000. A trade discount of P10,000 was granted. Terms:
3/15, n/30.
17
Sold goods to Bret Trading on credit. Terms: 2/10, n/30, P200,000 (cost, P118,000)
Received returned goods from September 17 sale, P80,000 (cost, P48,000)
Paid Jamie Enterprise in full.
Received cash full settlement of the account from Bret Trading
18
21
27
28
Full settlement of account from the purchase of September 1.
Cash purchase, P90,000 less trade discount of P5,000.
29
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