Journalizing Sales and Purchases

Ramos sold merchandise on account to Cammayo, P162,000. Terms: FOB destination; 2/10, n/30. Freight charges amounted to P2,000. Choose the the correct entry to record this transaction.

Perlada sold merchandise on account to Orion Co., P710,000. Terms: FOB shipping point; 2/10, n/30. Freight charges amounted to P8,000. Sales Discount to be [blank_start]debited[blank_end] is in the amount of [blank_start]P14,200[blank_end].

Returned a potion of the office supplies received for credit because the wrong items were sent, P4,000. Entries to be recorded are: Debit [blank_start]Accounts Payable P4,000[blank_end], Credit [blank_start]Purchase Returns & Allowances P4,000[blank_end].

Wrong Inc. purchased merchandise on credit from Magallanes Corp, terms: n/30, FOB destination, P95,400. Freight costing P600. Who should pay the shipper?

Armando Lo Company entered into the following transactions during the month of June 2015: June 2 Purchased P1,000 tires at a cost of P600 per tire. Terms of payment: 1/10 net 30. 4 Paid trucking firm P8,000 to ship the tires purchased on June 2. 5 Purchased 600 tires at a cost og P600 per tire. Terms of payment: 2/10, net 30. 6 Paid trucking firm P5,000 to ship the tires purchased on June 5. 7 Returned 150 of the tires ourchased on June 2 because they were defective. Received a credit on open account from the seller. 11 Paid for tires purchased on June 2. 13 Sold 700 tires from those purchased on June 2. The selling price was P900 per tire. Terms 1/10, net 30 22 Received cash from sale of tires on June 13. 30 Paid for tires purchased on June 5. Entries to be recorded on: June 2 Debit Purchases P60,000 Credit [blank_start]Accounts Payable[blank_end] P60,000 4 Debit [blank_start]Freight In[blank_end] P8,000 Credit Cash P8,000 5 Debit [blank_start]Purchases[blank_end] P36,000 Credit Accounts Payable P36,000 6 Debit [blank_start]Freight In[blank_end] P5,000 Credit Cash P5,000 7 Debit [blank_start]Accounts Payable[blank_end] P90,000 Credit Purchase Returns & Allowances P90,000. 11 [blank_start]Debit[blank_end] Accounts Payable P510,000 [blank_start]Credit[blank_end] Purchase Discount P5,100 Credit Cash P504,900. 13 Debit Accounts Receivable P[blank_start]630,000[blank_end] Credit Sales P[blank_start]630,000[blank_end] 22 Debit Cash P[blank_start]623,700[blank_end] [blank_start]Debit[blank_end] Sales Discount P[blank_start]6,300[blank_end] Credit [blank_start]Accounts Receivable[blank_end] P630,000 30 Debit Accounts Payable P[blank_start]360,000[blank_end] Credit Cash P[blank_start]360,000[blank_end]