The Mortad Clap Company sells with credit terms of 4/15, n/30 and had these transactions
for the month:
July
1
2
3
5
6
7
8
9
10
The company invested 160,000 for the business
Sold merchandise inventory worth 20,000 on account with credit terms of 4/15, n/30 to
Hulaan Mo Corp.
Purchased merchandise on account with credit terms 2/10, n/30 from Keller Company
worth ₱15,000
Purchased merchandise on account with credit terms 2/10, n/30 from Keller Company
worth ₱15,000
Acquired office equipment worth 80,000 for cash
Collected ₱ 10,000 from Luffy on July 5
Bought goods on account worth ₱35,000, terms net 30 days, from Arog Company
Mortad Clap company purchases goods for trading worth ₱ 15,000 on account, terms
3/10, n/45 from Who You Company.
Purchased furniture for cash, ₱ 12,000
Sold merchandise to Benigno Company on account worth ₱ 50,000
Customer returned ₱1, 000 of merchandise related to July 5
12 Sold merchandise worth ₱ 30,000 on account to A. Manabat
14 Collected in full the July 10 transaction
17 Bought merchandise on account from Lover Company worth 40,000 with credit terms
of 1/10,
n/30
18 The company paid 5,000 salaries to employees through check
19 Company paid 15,000 for the inventory purchased to another supplies Keller Company
20 Mortad Clap Company purchase office supplies worth ₱ 13,000 on account with credit
terms of 2/5, n/30 from Secret Mystery Inc
Credit sales for ₱ 40,000 to L. Manchua, terms 3/5, n/ 30
21 Collected the amount owed by Hulaan Mo Corp. on July 2
22 Paid the credit terms for purchases on July 8
23 Received cash from A. Manabat in payment of merchandise sold on account on July 12
24 Received ₱ 40,000 payment from L. Manchua
Paid 1,800 for rent for the month
26 Withdrew 15,000 for personal use
29 Recorded Bad Debts, 1,200