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Hawk Hardware Store completed the following merchandising transactions in
the month of April 2002. At the beginning of April, the ledger of Hawk showed
Cash of P5,500 and F. Horn, Capital of P5,500:
April 1 Purchased merchandise on account from Regional Wholesale Supply, P4,000
CIF, terms n/30.
2 Sold merchandise on account, P4,300 CIF, terms n/30.
5 Received credit from Regional Wholesale Supply for merchandise returned,
7 Paid, P150 freight on April 2 sales.
11 Purchased supplies for cash, P850.
12 Purchased merchandise for cash, P2,700.
16 Received refund for poor quality merchandise from supplier on cash
purchase, P350.
17 Purchased merchandise from Hunslow Distributors, P1,700, FOB Hunslow's
warehouse, terms n/30.
18 Paid freight on April 17 purchase, P220.
24 Sold merchandise for cash, P6,300.
25 Purchased merchandise from Horizon Inc., P1,100 CIF, terms n/30.
26 Received collections in full, from customers billed April 2.
29 Made refunds to cash customers for defective merchandise, P120.
30 Paid Regional Wholesale Supply in full.
30 Sold merchandise on account, P1,500 FOB Hawk's store, terms n/30.
Hawk Hardware's chart of accounts includes the following: No.101 Cash,
No.112 Accounts Receivable, No.120 Merchandise Inventory, No.126
Supplies, No.201 Accounts Payable, No.301 F. Horn Capital, No.401 Sales,
No.412 Sales Returns and Allowances, No.510 Purchases, No 512 Purchase
Returns and Allowances, No.516 Freight In, and No.644 Freight Out.
(a) Journalize the transactions using a periodic system.