6-5 Entering Merchandising Transaction in the T-Accounts (Periodic Inventory System) Required: 1) Make a T-account for the following: Cash In Bank, Accounts Receivable, Merchandise Inventory, Accounts Payable, M. Silva, Capital, Sales, Sales Discounts, Purchases, Purchase Discount, Freight in and Freight Out 2) Enter directly to their respective T-accounts the analyzed transaction. 3) Foot the T-account and prepare a Trial Balance. The following transactions relate to purchasing and selling activities of Dadiangas Grocery by Marvelous Silva for the month of July 20B with balances of the given accounts: Cash in Bank P 100,000 Accounts Receivable 20,000 Merchandise Inventory 160,000 Account Payable P 30,000 M. Silva, Capital 250,000 Transaction No. Transactions 1 Bought merchandise for cash, P50,000 and availed a 2% trade discounts, Paid freight of P1,000 2 Bought merchandise on account from N. Cabural Co., P30,000. Term: 2/10, N/30. 3 Sold merchandise for cash, P40,000 and gave a 2% trade discount. Paid freight of P500. 4 Sold merchandise on account to C. Carpeso Co., P50,000. Term: 3/10, N/30. Paid freight of P1,200 5 Bought merchandise on account from C. Naong Co., P30,000. Term: 2/10, N/30. Paid freight of P800. 6 Paid the account in transaction #2 and availed the purchase discount. 7 Sold merchandise on account to Refugio Co., P30,000. Term: 3/10, N/30. 8 9 Collected the account of transaction No. 4 and availed of the sales discount Bought merchandise on account to s. Casulla Co., P20,000. Term: 2/10, N/30 Paid freight of P1,000. 10 Bought merchandise for cash, P25,000. Paid freight of P800