Reference no: EM132837886
Vangie Company, a merchandising concern entity, has the following transactions during 2020:
a. Purchased merchandise amounting to P100,000. Terms: 2/10, n/30.
b. Sold merchandise to various customers, P125,000. Cost of merchandise sold, P65,000.
c. Approved and accepted the return of merchandise from customer due to wrong delivery, P12,000. The cost of the inventory is P8,000.
d. Paid freight for merchandise sold, P12,000.
e. Returned merchandise to suppliers due to damages, P15,000.
f. Acquired merchandise from various suppliers, P180,000. Terms: less 10%, 2/10, n/30.
g. Paid accounts payable to various suppliers amounting to P90,000 less 2% discount taken.
h. Sold merchandise to various customers, P90,000. Cost of merchandise sold, P55,000.
i. Received proceeds from accounts receivable collection amounted to P100,000, net of 2% discounts.
j. Paid freight for merchandise purchased, P18,000.
Requirements:
Question 1. Record the above transactions using
a. Periodic Inventory System
b. Perpetual Inventory System
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