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Journalize the transactions

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Question - The following transactions were completed by Malaya Company in December 31, 20x9:

Dec 9 Sold merchandise to First Yaya store under credit terms of 2/10, n/30. The list price is P 120,000, less 10%, less 5%.

Dec 10 Sold merchandise to Men's World, P 50,000, 2/10, n/30

Dec 19 Collected the account of First Yaya Store in full.

Dec 26 Sold merchandise to Teen's Kingdom, P 40,000 , 2/10, n/30

The company adopts the calendar year- as its reporting period. The accounts of Men's World and Teen's Kingdom are considered to be collectible at December 31. Teen's Kingdom paid its account in full on January 5, 20x10, while Men's World paid its account in full on January 9, 20x10.

Required - Journalize the transactions assuming that (a) The company uses the gross method of recording sales (b) The company uses the net method of recording sales. Prepare adjusting entries on December 31 as well as entries on the date of payment.

Reference no: EM133008257

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