Reference no: EM132838636

Problem 1: Parisian Store is engaged in selling furniture on credit term of 2/10, n/30. Prepare journal entries for May, open customers and creditors cards, post to the general ledger for Accounts Receivable and Accounts Payable.

May 5 Received furniture from Ang's Furniture Mart P134 000. Terms: 2/10, n/30. FOB Shipping Point, Freight Collect. Cash was paid for the freight P6,160.
May 10 Paid half of the amount owing to Ang's Furniture.
May 14 Sold to Danilo's Apartelle furniture worth P69,440 on account. FOB Destination.
May 15 Paid Ang's Furniture the account that is due.
May 16 Paid for shipment of furniture to Danilo's Apartelle, P1,680.
May 17 P2,632 worth of furniture was returned for credit by Danilo's Apartelle.
May 24 Danilo's Apartelle paid its account in full.
May 25 Purchased furniture from Hill Furnishings, P101,360. Terms 50% down, balance 2/10, n/30. FOB Shipping Point, P5600 Freight Collect.
May 29 Sold furniture to Mr. Ramos of Ayala Alabang P64400. Terms: Down payment of P25000, balance on account. FOB Destination, Freight Prepaid P560.
May 31 Paid Hill Furnishings the account that is due.