Following are selected transactions of Danicalaba Trading, a VAT-registered store:
Sept. 1 Bought merchandise from Abo, 57,600. Terms: 2/10, n/30
3 Received a credit memo from Abo for damaged goods returned, 2,800. 4 Paid Raymond Liner for the freight on the purchase on Sept. 1, 3,584 5 Sold merchandise to Rico, 95,200. Terms: 20% down, 15%, 15-day, 30,000 note, balance, 3/10, 2/15, n/30 6 Issued a credit memo to Rico as allowance on damaged merchandise, 3,696 7 Bought office equipment from Atlas Co, 29,120. Terms: COD 8 Cash sales to date, 108,080. 9 Cash purchases from various suppliers, 91,840. 10 Paid Abo in full of account. 11 Bought merchandise from Marco, 84,000. Terms: 30% down, 18%, 18-day, 18,000 note, balance, 2/10, n/30 12 Paid the water bill to QMWD, 2,688. 13 Received a credit memofrom Marco as allowance on damaged goods, 5,040. 14 Sold merchandise to Nonoy, 62,720. Terms: 25% down, balance, 3/10, n/30 15 Paid salaries of employees, 8,850. Collected from Rico in full of open account. 16 Bought foods from Jollibee for entertainment of guests, 1,344. 17 Bought merchandise from Rey, 72,800. Terms: FOB shipping point, freight prepaid, 2/10, n/30 18 Received a debit memo from Rey for the freight that he paid on the shipment yesterday, 3,360 19 Received a credit memo from Rey for damaged goods returned, 6.720. 20 Collected the note due from Rico. 21 Paid in full the open account due to Marco. 22 Bought office supplies from Sunlife, 5,376. 23 Cash sales to date, 80,640. 27 Paid Rey in full of account. 28 Paid the note due to Marco. 29 Paid salaries of employees, 12,500 less 5% withholding tax, 3.5% SSS contributions,. 2% Pag-ibig contributions and 1% Philhealth contributions. 30 Closed the output tax and input tax to the VAT payable account. Paid the value added tax for the month.