5 - 9 Journalizing Merchandising Transactions Under Periodic Inventory System Paid freight and Valencia Commercial was a client of Elvie Zulueta & CO. CPAS. She instructed you to prepare journal entries for the following selected transactions: Jan. 2 - Sold merchandise on account from J. Cacho Traders, P100,000. handling charges, P500. Term: 2/10,N/30. 3 - Purchased merchandise on account from M. Elumbaring Grocery, P35,000. Term: 2% EOM. Received P800 cost of merchandise returned by J. Cacho Traders and was not replaced. Issued credit memo# 058 for the return. 4 - Purchased merchandise on account from G. Gargar Co., P160,000. Paid freight and handling, P600. Term: 2/15, N/30. 5 Return P950 cost of merchandise to G. Gargar Co. due to bad order as per attached debit memo# 115 and was not replaced 6 - Sold merchandise for cash to M. Calaguian Enterprises, P76,000 net of 5% trade discount. 7 - Received P3,000 cost of merchandise returned by Calaguian Enterprises for not conforming with the order. It was not replaced so it was refunded. 9 Purchased merchandise in cash, P85,000 from A. Ducoy Commercial and received a 4% trade discount. Paid freight and handling, P400. 10 - Return P1,200 cost of merchandise to A. Ducoy Commercial for bad order and refund was received Sold merchandise on account, P24,000 to J. Banse Trading. Term: 5/10, N/30. 15 - Purchased merchandise in cash,P37,000 from N. Anguit Commercial and received a 3% trade discount. 19 - Collected in full the account of J. Banse Trading on Jan. 10. 20 - Sold merchandise on account,P350,000 to J. Rama Mall. Term: 2/10, N/30. 21 - Received P100,000 cost of merchandise returned by J. Rama Mall due to error in packaging. The order was replaced and paid freight and handling, P750. (The only journal required is the payment of freight). 23 - Purchased merchandise on account,P230,000 from A. Rocabo co. Paid freight and handling, P1,350. 24 - Sold merchandise on account, P27,000 to A. Pinpin Supermarket. Term: 2/10, N/30. 25 - Received P1,500 cost of merchandise returned by A. Pinpin Supermarket due to bad order and was not replaced. Issued credit memo# 059 for the return. 28 Partial payment made by A. Rocabo Co., P100,000. 29 - Sold merchandise on account,P30,000 to D. Garcia Enterprises. 30 Received P2,800 cost of merchandise returned by D. Garcia Enterprises due to bad order and was not replaced. Issued credit memo# 060 for the return. 31 - Paid the account with M. Elumbaring Grocery. Required: Record the foregoing transactions in the General Journal. 5-9 Date Particulars Debit Credit