Reference no: EM132835752
Problem 1: Analyze and make journal entries for the following transactions of Chings' Cold Mart owned and operated by Conchita Leviste. A 12% VAT is included on all purchases and freight. All payments above P5,000 are made by checks. Post simultaneously to the creditors' subsidiary ledgers. Make a schedule of Accounts Payable. Reconcile it against the schedule of accounts Payable.
April
1 Hired and paid carpenters who constructed counters for display P60,000. Voucher No. 72.
3 Bought two freezer units from Koleman Company for P44,800. Terms: 2/10, n/60. Purchase Invoice (PI) 95990.
5 Paid for freight and installation of freezers P1,344. Voucher No. 73.
8 Purchased goods for P12,320 from Arcy Dairy Products. Terms: 1/10, n/60, FOB Shipping point. Freight Collect. Purchase Invoice No. 05108
9 Paid cash to Arcy Dairy Products for the freight bill, P616 Voucher No. 90674.
11 Received a credit memo from Arcy Dairy Products for goods returned, P5,600. CM No. 128.
12 Made a partial payment to Koleman Company issuing a chek for P15,000. Voucher No. 75
13 Cash purchases for fruits from Cebu Fruits, P17,360. Invoice 21018, Voucher No. 76
16 Purchased merchandise from Purefoods for P30,800 including freight of P1,400. Terms: 2/10, n/30, FOB Shipping Point. Invoice No. 72199
18 Issued a check to Koleman Company for the balance due, Voucher No. 77.
20 Received a cash refund from Cebu Fruits for spoiled fruits, P1,792. OR No. 513.
25 Issued a check to Purefoods in full of account. Voucher No. 78.
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