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Prepare the schedule of accounts payable

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Question - 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. Allpayments above P5,00 are made by checks. Post simultaneously to the creditors' subsidiary ledgers. Prepare the 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.

April 3 Bought two freezer units from Koleman Company for P44,800. Terms: 2/10, n/60. Purchase Invoice (PI) 95990.

April 5 Paid for freight and installation of freezers P1,344. Voucher No. 73.

April 8 Purchased goods for P12,320 from Arcy Dairy Products. Terms: 1/10, n/60, FOB Shipping point. Freight Collect. Purchase Invoice No. 05108

April 9 Paid cash to Arcy Dairy Products for the freight bill, P616 Voucher No. 90674.

April 11 Received a credit memo from Arcy Dairy Products for goods returned, P5,600. CM No.128.

April 12 Made a partial payment to Koleman Company issuing a chek for P15,000. Voucher No. 75

April 13 Cash purchases for fruits from Cebu Fruits, P17,360. Invoice 21018, Voucher No. 76

April 16 Purchased merchandise from Purefoods for P30,800 including freight of P1,400. Terms: 2/10, n/30, FOB Shipping Point. Invoice No. 72199.

April 18 Issued a check to Koleman Company for the balance due, Voucher No. 77.

April 20 Received a cash refund from Cebu Fruits for spoiled fruits, P1,792. OR No. 513.

April 25 Issued a check to Purefoods in full of account. Voucher No. 78.

Reference no: EM132829343

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