Reference no: EM132854951
Question - Diva Trading established a sales agency, the Anton Agency. The results of operations are recorded separately from those of the other sales agencies. The following are the transactions for the year 2018, under the periodic inventory method.
1. Established a petty cash fund, P 10,000.
2. Shipped merchandise to agency for use as samples, P 4,000.
3. Purchase of agency equipment, P 20,000.
4. Payment of salaries to employee's f agency, P 5,000.
5. Sales orders from agency are filled and customers are billed, P 100,000 and goods are delivered by the home office.
6. The following expenses were incurred out of working fund: utilities, P 2,000; advertising expense, P 3,000 and other expenses, P 4,000.
7. End of year adjustment, cost of goods sold - P 60,000; depreciation, P 2,000, replenishment of working fund, agency sample inventory - NRV - P 1000.
Required - Prepare the necessary journal entries and closing entries.
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