To prepare the journal entries for each transaction, here are the steps:
1. May 2: Purchased merchandise on account from Wendy Supply Co. P10,000 terms 2/10, n/30
- Debit: Merchandise Inventory (P10,000)
- Credit: Accounts Payable (P10,000)
2. May 3: Sold merchandise for P4,500 terms P500 down balance 2/10, n/30.
- Debit: Accounts Receivable (P4,500)
- Credit: Sales Revenue (P4,500)
- Debit: Cost of Goods Sold (P3,500)
- Credit: Merchandise Inventory (P3,500)
3. May 4: Paid P500 cash for freight on May 3 sales.
- Debit: Freight Expense (P500)
- Credit: Cash (P500)
4. May 5: Received credit from Wendy for merchandise returned. P800.
- Debit: Accounts Payable (P800)
- Credit: Merchandise Inventory (P800)
5. May 6: Made partial payment to Wendy P5,000.
- Debit: Accounts Payable (P5,000)
- Credit: Cash (P5,000)
6. May 7: Received partial collection from customer on account date May 3 P3,000.
- Debit: Cash (P3,000)
- Credit: Accounts Receivable (P3,000)
7. May 8: Paid Wendy's account in full.
- Debit: Accounts Payable (P5,200)
- Credit: Cash (P5,200)
8. May 9: Received collections in full from customer billed on May 3.
- Debit: Cash (P4,185) [P4,500 - P315 (P4,500 * 10%)]
- Credit: Accounts Receivable (P4,500)
- Debit: Sales Discount (P315) [P4,500 * 10%]
9. May 10: Cash purchases of merchandise P6,800.
- Debit: Merchandise Inventory (P6,800)
- Credit: Cash (P6,800)
10. May 11: Received refund from supplier for cash purchase of April 16 P500.
- Debit: Accounts Payable (P500)
- Credit: Cash (P500)
11. May 12: Purchased merchandise from KFC Enterprise, P14,000 terms 2/10, n/30
- Debit: Merchandise Inventory (P14,000)
- Credit: Accounts Payable (P14,000)
To post the journal entries to the ledger and prepare a trial balance, you will need to record the above journal entries in the respective ledger accounts (Accounts Receivable, Accounts Payable, Sales Revenue, etc.) and then prepare a trial balance by listing all the ledger account balances. However, since the question does not provide the existing balances of the ledger accounts, it is not possible to prepare a complete trial balance.