ACTIVITY 11: Accounting Cycle _Merchandising Business Problem ABS Merchandising company had the following transactions in July. Assume that the company uses the periodic inventory system. 01-Jul Purchased merchandise for P40,000 on credit, terms 3/10, n/30. 05-Jul Sold merchandise for P12,000 on credit, terms 3/15, n/30. 08-Jul Returned P5,000 of the merchandise purchased June 1 for credit. 10-Jul Paid for merchandise purchased June 1, less return and discount. 15-Jul Received payment from the customer of July 5, less discount. Required: Journalize the above transactions 1 Date Description Debit Credit 2 Date Description Debit Credit 3 Date Description Debit Credit 4 Date Description Debit Credit 5 Date Description Debit Credit