On July 1, 2017, the ledger accounts of Happy Valley Bazaar, owned and operated by Toulie Szan, showed the ff. balances:

Cash P 15,000

Supplies 1,500

Equipment 13,000

Land 40,500

Building 100,000

Szan, Capital 170,000

Please supply the proper accounts if transaction is not found with the bounds of the Chart of Accounts. Cost of the goods is half of the price. During July, the ff transactions occurred:

Date

1 Bought merchandise from Metro Co. per invoice # 5524, worth P 26,800, Terms: 2/15, n/30

2 Sold to Lily Trading various goods and novelties worth P 9,350, per invoice # 4681, Tems: 2/10, n/20

3 Bought from Williams Inc. per cash invoice # 4711, pencils, stationary, envelopes, wrappers, etc. worth P 450 for business use.

4 Received credit memo # 412 from Metro Co., for damaged goods returned to them worth P 800

5 Paid VECO P 750 for the electric bill of the previous month.

6 Cash sales for the week, per cash invoice # 804-831, amounted to P 28,400

8 Issued to Lily Trading credit memo # 63 for P 350, for an adjustment in the price charged to them

9 Sold various goods to John Trading values at P 14,400 per invoice number 4682 and received a downpayment of P 5,400, the balance payable in 15 days, less 2%

10 Bought various articles for sale from Makati Sales Co. worth P 22,500 per invoice number 1495, Terms 3/10, 2/20, n/60

11 Received a check from Lily Trading in full payment of Invoice # 4681

12 Paid William Lines P800 for freight on the July 10 Shipment

13 Cash Sales for the week per cash invoice # 832-854, amounted to P21,500

15 Issued a check to Metro Co., in full settlement of invoice # 5524

16 Received credit memo # 9344 from Makati Sales Co. for P 800 freight as it agreed to absorb the transportation charge

17 Sold to Cesar Marketing various articles worth P 12,400 per invoice # 4683 Terms: 3/10, n/30

18 Toulie Szan withdraw goods valued at P 900 and cash amounting to P 500

19 Collected from Art Supply Co. rental for 6 months ending Dec 31. Monthly rental is P 1,500

20 Cash sales for the week per cash invoice # 855-886 amounted to P 32,500

22 Sent credit memo # 64 to Cesar Marketing for P 400 for the freight which it paid in the shipment of July 17. It was agreed that the freight was to be absorbed by Happy Valley Bazaar.

23 Paid Atlas Insurance Co. P2,400 for a 1-year premium on a P 150,000 fire policy on merchandise.

24 Received remittance of John Trading in full of account.

25 Received the remittance of Cesar marketing, in full of account.

26 Brought from Manila Traders various items for sale with P 32,000 per invoice # 6742, Terms: 3%, 15 e.o.m.

27 Cash sales for the week per cash invoice #887-914 amounted to P26,400

29 Sold to Bohol Trading various goods worth P16,500 per invoice #4684, receiving a downpayment of P4,500 and the balance payable 2%, 10 e.o.m.

30 Paid P9,000 for the monthly payroll

31 Sold merchandise to Ace Store worth P 6,000 Terms: 1/20, n/30 per invoice #4685

31 Paid Sunstar P300 for advertisement

Prepare the journal entries using both the Periodic and Perpetual System of inventory.