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Make a journal entry of the transactions Aug. 1; Bought merchandise on account...

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Accounting

Make a journal entry of the transactions image

Aug. 1; Bought merchandise on account from Dayang Company costing P1,350,000. Terms, 5/20, n/60. VAT is 12%. (VAT Exclusive) 2; Bought merchandise on cash P500,000. Vat is 12%. (VAT Exclusive) 5; Returned P112,000 cost of merchandise to Dayang Company. 10; Sold all the merchandise on account to Thalia Enterprises worth, P3,500,000. Terms; 5/15, n/40. Vat is 12%. (VAT Inclusive) 18; Received P30,000 worth of merchandise returned from Thalia Enterprises. Vat is 12%. 20; Paid the account to Dayang Company. 23; Collected the account of Thalia Enterprises. Requirement; 1. Make a journal entry of the transactions above

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