Journalize the transactionsusing the periodic inventory system.

Friends Trading had the following transactions related to the purchase of various items needed in the store during the month of July, 2018:

Date Transactions

July 1Purchased merchandise from Hercules Merchandising amounting to P40,000.Term: C.O.D.

4Purchased merchandise from Hailey Trading, P80,000.Terms: 2/10, n/30.

7Returned P1,500 worth of defective goods to Hercules Merchandising.Received a cash refund for the value of merchandise returned.

9Bought cash register from Lapis, Inc., P30,000.Terms:COD

12Purchased from Ruby Mart packaging tapes, plastic bags and twines to be used in the store for P4,000.Terms: 2/10, n/30.

14Settled account with Hailey Trading in full.

16Returned P200 worth of store supplies to Ruby Mart.

20Purchased from Tandem Inc. 2 units of desk top computer to be used in the office for P35,000 each.This purchase is on account.

22Settled the account with Ruby Mart in full.

31Purchased merchandise from Trend Marketing, P12,000.Terms: P5,000 down payment, 2/10, n/30 for the balance.