Present the Journal entries in the books of Greenland Supplies Co. and the corresponding Journal entry in the book of its its suppliers for all of the transactions related to the following purchase invoices. Assume that Greenland Supplies Co. and its suppliers use the periodic inventory system.
- Supplier: Three Stars Co. P20,000
Date of Invoice: May 13
Freight P200
Credit Terms: 2/10, n/30
Freight terms: FOB Shipping Point
Freight paid by: Greenland Supplies Co.
Date Account paid: May 25
- Supplier: Sterling Paper Products P12,000
Date of Invoice: May 17
Freight P100
Credit terms: 2/10, 1/15, n/30
Freight terms: FOB Destination
Freight paid by: Greenland Supplies Co.
Date Account paid: May 29
- Supplier: National Bookstore P17,000
Date of Invoice: May 22
Freight P150
Credit terms; 1/10, n/20
Freight terms: FOB Shipping Point
Freight paid by: National Bookstore
Date Account paid: May 31
- Supplier: ABC School Supplies P8,500
Date of Invoice: May 28
Freight P170
Credit terms; n/30
Freight terms: FOB Destination
Freight paid by: ABC School Supplies
Date Account paid: June 7