Part 1 The following transactions for ABM Company occurred for the month of May, 2021: DATE TRANSACTION May-01 Bought me

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Part 1 The Following Transactions For Abm Company Occurred For The Month Of May 2021 Date Transaction May 01 Bought Me 1 (319.73 KiB) Viewed 41 times

Part 1 The following transactions for ABM Company occurred for the month of May, 2021: DATE TRANSACTION May-01 Bought merchandise on account from KRD Company, P250,000, terms 2/10, n/30. May-02 Bought merchandise on account from RAC Company, with a list price of P210,000, trade discount of 20 %, 10 %, terms 1/15, n/30. May-05 Returned merchandise costing P12,500 to KRD Company. Credit memo was received from the supplier. May-06 Returned merchandise with a list price of P15,000 to RAC Company. Paid KRD Company May-11 May-12 Paid RAC Company Required 1. Calculate the amount to be paid. 2. Journalize the above transaction using Perpetual and Periodic method Part 2: The following transactions for ABM Company occurred for the month of May, 2021: DATE TRANSACTION May-03 Sold merchandise on account to customer A, P125,000, terms 2/10, n/30. The cost of merchandise sold is P80,000. May-06 Sold merchandise on account to customer B, list price is P330,000, trade discount is 5%, terms 2/10, 1/20, n/45. The cost of merchandise sold is P188,000 May-07 Received returned merchandise worth P18,500 from customer A. A credit memo was granted to customer. The cost of merchandise returned is P12,000. May-08 Received returned merchandise worth P11,500 from customer B. A credit memo was granted to customer. The cost of returned item is P6,800 Collected the full amount from customer A May-14 May-15 Collected half of the outstanding balance from customer B. May-26 Collected full amount from customer B. Required 1. Calculate the amount to be collected. 2. Journalize the above transaction using Perpetual and Periodic method