LESSON 10: THE PERIODIC SYSTE I AND THE PERPETUAL SYSTEM PERFORMANCE TASK 1. Give the necessary complete journal entries with explanation under the periodic inventory system and the perpetual inventory system. Sept 1 Purchased goods from Mc Trading Terras: 10%,10%,1/20,n/30 P 200,000 8 Returned 40% defective goods from Mc Trading 11 Cash Sales, P92,000 14 Purchased goods from J Enterprise worth P 51,000. A trade discount of P10,000 was granted. Terms 3/15,n/30 15 Paid P 6,000 freight on goods purrekiased