Direction: Journalize the given transactions below of BAM General Merchandise on themonth of May 2020 using perpetual inventory system:2 - Bought merchandise on account from Lexus Distributors, Inc., tems 2/10, n/30, P120,0004 - Sold merchandise on credit P120,000, FOB Destination, terms 2/10 n/30. The cost ofmerchandise sold is P100,0005 - Paid freight on May 4 transaction, P3,0006 - Received credit from Lexus Distributors, Inc. for merchandisereturned, P5,000 11 - Paid Lexus Distributors, Inc.13 - Collected from May 4 customer14 – Bought merchandise on cash for P90,00017 - Received refund from a supplier on the purchases of May 14, P3,00018 - Bought merchandise from Alex Company, FOB Shipping point, terms, 2/10,n/30, P75,00020 – Paid freight on May18 purchase, P2,00023 - Sold merchandise for P140,000 (cost of merchandiseis P115,000)26 – Bought merchandise for cash, P100,00027 - Paid Alex Company on the May 18 purchase, P25,000. (No discount allowed onpartial payment)29 – Made refund to cash customer for defective merchandise, P5,00030 – Sold merchandise on account P90,000, n/30 (cost of merchandise is P85,000)

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Description: Direction: Journalize the given transactions below of BAM General Merchandise on themonth of May 2020 using perpetual inventory system:2 - Bought merchandise on account from Lexus Distributors, Inc., tems 2/10, n/30, P120,0004 - Sold merchandise on

Journal is a book in which all business transactions are recorded in the order in which they occur,…

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Direction: Journalize the given transactions below of BAM General Merchandise on the month of May 2020 using perpetual inventory system: 2 - Bought merchandise on account from Lexus Distributors, Inc., tems 2/10, n/30, P120,00 Sold merchandise on credit P120,000, FOB Destination, terms 2/10 n/30. The cost of merchandise sold is P100,000 5- Paid freight on May 4 transaction, P3,000 6- Received credit from Lexus Distributors, Inc. for merchandise returned, P5,000 11 - Paid Lexus Distributors, Inc. 13 - Collected from May 4 customer 14 - Bought merchandise on cash for P90,000

Direction: Journalize the given transactions below of BAM General Merchandise on the month of May 2020 using perpetual inventory system: 2 - Bought merchandise on account from Lexus Distributors, Inc., tems 2/10, n/30, P120,00 Sold merchandise on credit P120,000, FOB Destination, terms 2/10 n/30. The cost of merchandise sold is P100,000 5- Paid freight on May 4 transaction, P3,000 6- Received credit from Lexus Distributors, Inc. for merchandise returned, P5,000 11 - Paid Lexus Distributors, Inc. 13 - Collected from May 4 customer 14 - Bought merchandise on cash for P90,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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