Present the transaction entries with brief explanation in each
case.
May 3
Purchased goods from Zeus Grocery, P20,000.
May 5
Cash sales from various customers, P38,500.
May 6
Sold to ARK Mini Store, P 8,000, terms 2/10, n/30.
May 7
Purchased merchandise from Master Mark Department Store worth
P30,000. Trade discount, 5%; terms, 1/15, n/60.
May 9
Received P450 cash on goods returned to Zeus Grocery.
May 11
issued credit memo to ARK Mini Store on defective
merchandise worth P300.
May 15
Received payment from ARK Mini Store on goods sold
May 6.
May 20
Paid Master Mark the account on the May 7 purchase
Present the transaction entries with brief explanation in each case. May 3 Purchased goods from Zeus Grocery, P20,000.
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Present the transaction entries with brief explanation in each case. May 3 Purchased goods from Zeus Grocery, P20,000.
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