Prepare the journal entries for each transaction.
Post to the ledger and prepare a trial balance.
May 2 Purchased merchandise on account from Wendy Supply Co. P10,000 terms, 2/10,n/30
3 Sold merchandise for P4,500 terms P500 down balance 2/10,n/30.
4 Paid P500 cash for freight on May 3 sales.
5 Received credit from Wendy for merchandise returned.P800.
6 Made partial payment to Wendy P5,000.
7 Received partial collection from customer on account date May 3 P3,000
8 Paid Wendy's account in full.
9 Received collections in full from customer billed on May 3
10 Cash purchases of merchandise P6,800
11 Received refund from supplier for cash purchase of April 16 P500
12 Purchased merchandise from KFC Enterprise, P14,000 terms 2/10,n/30
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