Reference no: EM132743946
Question: Barangay Convenience Store has inventory beginning balance of P5,000 at the start of the year. The proprietor, Mr. Meliton de los Reyes, had the following transactions of the business for the January operations.
January 2020
1- Purchased merchandise from Globe International Company for P12,500. Terms:
Less 10%, a 30 day- l2% promissory note for P6,000 and the balance 2/10, n/30.
2 - Paid rent for the moth, P3,500.
3 -Paid taxes and licenses amounting to P450.
4 - Purchased store furniture from Herran Furniture Shop for P4,500.Terms: 2/10, n/3 0.
5 Purchased merchandise from Universal Manufacturing Corporation for P8,000.
Terms: 2/10, n/30.
6 Cash sale for the week amounted to P21,200. This was deposited intact in the bank.
9 - Sold merchandise to El Rey Tailoring for P11,500. Terms: 1/5. n/20.
11 Paid delivery' charges for the above sales, P750
13 - Received defective inventory from cash sales, P2,000
14 - Collected in full account of El Rey Tailoring.
16 - Paid in full account with Universal Manufacturing Corporation.
17 - Cash sales to various customers, P18,300
18 Cash purchases amounted to P13,200.
19 - Freight paid on the above cash purchases. P1,200.
25 - Received credit of P250 from Herran Furniture Shop as allowance for slight defects in the office furniture bought last January 4.
27 - Paid in full account with Herran Furniture Shop.
28 - The owner withdrew for personal use cash of P1,500
29 - Wages for the month paid, P5,500.
30 - Returned defective merchandise items bought for cash last January 18 and
received a cash refund of P280.
31 - Paid in full our note to Globe International Company plus interest due therein.
Physical inventory count at month-end amounted to P6,000.
Required: Prepare the journal entries and Income Statement for the month ended January 31, 2020
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