ILLUSTRATIVE COMPREHENSIVE CASE: RECORDING MERCHANDISING TRANSACTIONS USING PERPETUAL INVENTORY SYSTEM Trinity Company hind the following transactions in October 20X1 Oct 1 Sold merchandise to Rosario Santiago on credit terms n/30, FOB shipping point, P105.000 (cost, P63,000), 2 Purchased merchandise on credit from Rock Company, terms n/30. FOB shipping point, P190.000 2 Paid XOR Freight P14,500 for freight charges on merchandise received Purchased store supplies on credit from Rome Supply House, terms 1:30. P31.800. Purchased merchandise on credit from BTG Company, ter 1/30, FOB shipping point, P180,000, including P10,000 freight costs paid in advance by BTG Company, 11 Accepted from Rosario Santiago a retum of merchandise, which was returned to inventory, P15,000 (cost, P9,000). 14 Returned for credit P30,000 of merchandise received on October 2. 15 Returned for credit P10,000 of store supplies purchased on October 6. 6 0 16 22 Sold merchandise for cash, P50,000 (cost, P30,000). Paid Rock Company for purchase of October 2 less return of October Received full payment from Rosario Santiago for her October 1 purchase, less return on October 11. 23 Required Prepare general journal entries to record the transactions, assuming the perpetual inventory system is used