The following transactions were completed by XYZ Company during May of the current year. XYZ
Company uses a periodic inventory system.
May
3. Purchased merchandise on account from ABC Co. ₱ 4,000, terms FOB shipping point, freight prepaid
₱120, 2/10, n/30.
5. Purchased merchandise on account from DEF Co., ₱ 8,500, terms, FOB destination, 1/10, /30.
6. Sold merchandise on account to Barat Co., list price ₱ 4,000, less 30%, terms 2/10, n/30.
8. Purchased office supplies for cash, ₱ 150.
10. Returned merchandise purchased on May 5 from DEF Co., ₱ 1,300.
11. Paid the transportation cost of the merchandise sold to Barat Co.
13. Paid ABC Co. for purchase on May 3.
14. Purchased merchandise for cash, ₱ 10,500
15. Paid the account with DEF Co. in full.
16. Received cash from Barat Co. from the sale of May 6.
17. Sold merchandise on account, ₱ 2,450.
19. Sold merchandise on account to KLM Co. P3,480, terms 2/10, n/30.
24. Sold merchandise for cash ₱ 4,350.
25. Received merchandise returned by KLM Co. from sale on May 22, ₱ 1,480.
27. Collected the account of KLM in full.
28. Received the merchandise returned from the May 24 sale and paid the refund, ₱ 350.
29. Purchased merchandise on account from PQR Co., ₱ 18,500, Terms: FOB Shipping Point, 1/10, /30.
30. Sold merchandise on account to RTO Co., ₱ 14,000, less 10%, Terms: FOB Shipping Point, 2/10, n/30.
31. Paid LBC for the transportation cost of the May 29 purchase.