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Question 13 (2 points) Superstar Company purchased inventory from Megastar Co., and received the credit memo from Megastar Co.. Megastar has charge Superstar P27.50 rather than P25.70 for each of the 1,000 items ordered. what entry will Superstar Company make? Sales Return and Allowance P1,800 Accounts Receivable - Megastar Co. P1,800 P1.800 Purchase Returns and Allowance Accounts Payable - Megastar Co. P1,800 No entry is required because Superstar Co. did not make the memo. P1,800 Accounts Payable - Megastar Co. Purchase Returns & Allowances P1,800 Question 2 (2 points) A Vat registered company received cash of P39,200 from cash sales. The credit entry for this transaction is Accounts payable P39,200 Accounts Receivable P39,200 Sales P35,000 & output tax P4,200 Purchases P35,000 & input tax P4,200 Question 3 (2 points) Cash sales including VAT amounted P35,840. The debit entry for this transaction is, Output tax P3,840 Sales P35,840 Accounts Receivable P32,000 Cash P35,840 Question 5 (2 points) On August 5 XY company bought various merchandise from OX, trading amounting P89,600 including VAT, terms: 25% down payment, balance 2/10,n/30. On August 5 XY will debit, Accounts payable P 89,600 Accounts Receivable P89,600 Purchases P80,000 & Input tax P9,600 Purchases P80,000 & Output tax P9,600

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