BM1705

Buyer 1: DATE: SCORE:

Buyer 2:
Seller 1:
Seller 2:

Purchase Transactions (6 points: 1 point for each correct debit account and amount, credit account
and amount, and explanation)

On September 05, Mac Company buys merchandise on account from Cam Company. The selling price of
the good is P75,000 and the cost to Cam was P40,000. On September 08, Mac Company returned the
defective goods with a selling price of P10,000. Record the transactions on the books of Mac Company.

Particulars PR Debit Credit

Sept. 05 Merchandise Inventory P 75,000

Accounts Payable P 75,000

To record goods purchased on account from Cam Co.

08 Accounts Payable 10,000

Merchandise Inventory 10,000

To record return of goods purchased from Cam Co.

Reference
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Accounting principles (12th ed.). United States of
America: John Wiley & Sons, Inc.

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