Below are the transactions of Jose Merchandising Company for the first month of operation. June 1 Invested cash P 750,000 into the business to buy and sell various merchandise.

3 Purchased on account merchandise, P400,000 terms 5/10 n/30 FOB Shipping point.

4 Purchased Supplies P35,000 on account 2/10 n/30.

5 Sold for cash P 450,000 6 Returned P50,000 worth of defective merchandise.

8 Purchased additional goods, P 500,000.

9 Returned Supplies worth P5,000.

10 Sold on account, P350,000 to customers with credit terms: 2/10, n / 3 FOB Destination. 

10 Paid the freight charges on transaction made on June 3, P1,500.

11 Paid in full the purchases made in June. 3

12 Made additional purchases for cash, P350,000.

13 Borrowed from the bank P 950,000 and issued a promissory note 

13 Paid in full the supplies purchased on June 4.

15 Purchased computer equipment for cash, P75,000.

15 Paid salaries to employees - P 15,500. 

16 Refunded P15,000 to customers.

17 Sold merchandise for 450, 000 FOB Destination.

20 Paid the freight charges on June 8- P 1,500 and June 17- P2,000. 

20 Collected 50% from customers on account on June 10. The discount was not allowed. 

25 Purchased merchandise on account, P 280,000 terms 2/10, n / 3 FOB Shipping Point

26 Sold Merchandise, P 550,000 terms 10/5, n / 30 

27 Owner got P 18,500 from the business.

28 Paid the following: Rent - P 9,000; Utilities- P27,000, Advertising - P35,000 and salaries P15,500.

30 Collected in full the account on June 26.

30 A count was made and it was found out that the ending inventory amounts to P 475, underline 00 Instruction:

Requirements

1. Prepare the Journal Entry
2. Prepare the General Ledger
3. Prepare the Financial Statements or Trial Balance