Problem #8 Purchase Transactions Several purchase transactions of the Joey Beringuela Pharmacy are presented below. The credit terms of the entity are 3/10, n/30. Oct. 6 Purchased merchandise for...


Problem #8<br>Purchase Transactions<br>Several purchase transactions of the Joey Beringuela Pharmacy are presented below.<br>The credit terms of the entity are 3/10, n/30.<br>Oct. 6<br>Purchased merchandise for cash, P200,000; FOB shipping point.<br>Purchased merchandise on account, P700,000.<br>Returned merchandise purchased on account, P50,000.<br>Paid supplier the amount due.<br>Paid freight charges of P7,000 on merchandise acquired last Oct. 6.<br>12<br>15<br>17<br>19<br>Required:<br>Prepare the journal entries.<br>

Extracted text: Problem #8 Purchase Transactions Several purchase transactions of the Joey Beringuela Pharmacy are presented below. The credit terms of the entity are 3/10, n/30. Oct. 6 Purchased merchandise for cash, P200,000; FOB shipping point. Purchased merchandise on account, P700,000. Returned merchandise purchased on account, P50,000. Paid supplier the amount due. Paid freight charges of P7,000 on merchandise acquired last Oct. 6. 12 15 17 19 Required: Prepare the journal entries.

Jun 11, 2022
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