Reference no: EM132843606

Presented below are the transactions for Mariano Lerin Bookstore for March 2019.

Mar. 2 Purchased merchandise on credit from Digao Publishers, terms 2/10, n/30, P74,000.

Mar. 3 Sold merchandise on credit to Detoya Book Shop, terms 1/10, n//30, P10,000.

Mar.5 Sold merchandise for cash, P7,000.

Mar.6. Purchased and received merchandise on credit from Made Easy Bookstore, terms 2/10, n/30, P42,000.

Mar.7 Received freight bill from Super Express from shipment received on March 6, P570.

Mar.9 Sold merchandise on credit to Recoletos Books, terms 1/10, n/30, P38,000.

Mar.10 Purchased merchandise from Digao Publishers, terms 2/10, n/30, P26,500.

Mar.11 Received freight bill from Super Express for sale on Mar. 9, P291.

Mar. 12 Paid Digao Publishers for purchase of Mar. 2.

Mar.13 Received payment in full for Detoya Books' purchase on Mar. 3.

Mar.14 Paid Made Easy Bookstore half the amount owed on the Mar. 6 purchase. A discount is allowed for partial payment

Mar.15 Returned faulty merchandise worth P3,000 do Digao Publishers for credit against purchase of Mar. 10.

Mar.16 Purchased office supplies from Olamit Supplies for P4,780, terms n/30.

Mar.17 Received payment from Recoletos Books for half of the purchase of Mar. 9. A discount is allowed for partial payment.

Mar.18 Paid Digao Publishers in full amount owed on purchase of Mar. 10, less return on Mar. 15.

Mar.19 Sold merchandise to Sir Ed Trading on credit, terms 2/10. n/30, P7,800.

Mar. 20 Returned for credit several items of office supplies purchased on Mar. 16, P1,280.

Mar.22 Issued a credit memo to Sir Ed Trading for returned merchandise, P1,800.

Mar. 25 Paid for purchase of Mar. 16, less returns on Mar. 20.

Mar.26 Paid freight entity for freight charges for Mar. 7 and 11.

Mar.27 Received payment of amount owed by Sir Ed Trading for purchase of Mar. 19, less credits of Mar. 22.

Mar. 28 Paid Made Easy Bookstore for the balance on Mar. 6 purchase.

Mar.31 Sold merchandise for cash, P9,730.

Required:

Problem 1. Record the following transactions in their respective general and special journals.

Problem 2. Set up needed ledgers and post the transactions.

Problem 3. Generate the trial balance.