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Record the following through the use of special journals
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The following are selected transactions for KnK Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. |
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| 03-Sep | Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30 |
| 03-Sep | FOB Shipping point, Freight prepaid: P2,240 |
| 04-Sep | Received a credit memorandum from Min Ho Trading for defective merchandise returned, P3,360. |
| 06-Sep | Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30 |
| 09-Sep | Purchased a cash register from Jun Song for P23,520; terms: P6,720 downpayment, balance in 2 equal monthly installments. |
| 10-Sep | Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him |
| 11-Sep | Bought additional store supplies on credit from Bo Goom, P4,200. |
| 13-Sep | Paid Min Ho Trading in full. |
| 15-Sep | Received shipment of merchandise from Sho Khang, P16,800, for which a 15-day, 12% note was given. |
| 16-Sep | Collected the account of Bee Hun in full. |
| 20-Sep | Sold merchandise to Min Park, P28,000, receiving 20% downpayment and a 20-day, 9% promissory note for the balance. |
| 25-Sep | Sold merchandise to Suk Lee; term: 10%trade discount on the list price of P30,000; n/30. |
| 29-Sep | Borrowed P50,000 from MayBank by discounting own 60-day, 12% note. |
| 30-Sep | Paid the note issued to Sho Khang. |
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