1. Czarina Enterprise engaged in the following selected transactions for June 2020. (PERIODIC SYSTEM)
June 1 - Cash purchase amounted to Php 30,000.
June 4 - Purchased from Mr. A goods costing Php 25,000. Terms: Php 5,000 down, balance 2/5, 1/10, n/30.
June 5 - Purchased goods from Mr. B, Php 20,000 on a cash basis. Paid freight of Php 2,500. FOB Shipping.
June 7 - Returned some goods to Mr. B and was given cash credit for Php 2,000.
June 10 - Paid Mr. A.
June 14 - Bought goods from Mr. X worth Php 30,500 on account. Freight of Php 2,500 was paid for the delivery of goods. FOB Destination.
June 17 - Bought goods from Mr. Y worth Php 16,000. Terms: Php 2,000 down, balance 2/10, n/30.
June 22 - Paid Mr. X.
June 29 - Paid Mr. Z.
Required:
. Journalize the transactions above.
Compute for the net purchase.
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Answer:
see the attachment below
Step-by-step explanation: