Journalize the following events of Magaling Computer Store Using perpetual and periodic inventory inventory systems,

Masagana Merchandising company had the following transactions during the month of June 2018. The beginning inventory amounted to P12,000;

1 Purchased merchandise on cash, P3,200.

2a Purchased merchandise on account, P6,000, terms of purchase are 5/10, n30

2b Purchased merchandise on account, P10,000, terms of purchase are 5/10, n30

3 Paid the amount due to the supplier in item 2a (assuming paid after 12 days from invoice date)

4 Paid the amount due to the supplier in item 2b (assuming paid after 7 days from invoice date)

5 Purchased merchandise on account, P4,500, plus freight charges P450.

6. Returned merchandise purchased on account and not yet paid, P560.

7. Sold goods to the amer for cash, P10,000. The cost of merchandise sold is 8,000.

8a. Sold goods to the customer on account, P15,000 with the credit term 2/10, n/30. The cost of merchandise sold is P11,500.

8b. Sold goods to the customer on account P12,000 with the credit term 3/10, n/60. The cost of merchandise sold is P8,000.

9. Collected full payment from sales on account on item 8a (assume collected within 10 days from invoice date)

10. Received debit memo from a customer on item 8b amounting to P6,000. Per physical count at period-end, the merchandise inventory amounted to P13,590.

Required:

a. Journalize each action using the following:

1. periodic inventory system

2. perpetual inventory system

b. Prepare T-account of all nominal accounts and merchandise inventory account.

c. Present partial statement of comprehensive income from sales to gross profit.