PERPETUAL INVENTORY SYSTEM On November 1, 2020. Santos Merchandising was registered as a single proprietorship with the Department of Trade and Industry. For the month of November, the following transactions happened Santos invested 300,000 to the business 2 Bought computer equipment for 50,000 cash Bought merchandise on account from CROWN Company, P150,000 terms 2/10, 1/30. 3 Bought office supplies for cash, P7,000 Sold merchandise on account, P150,000, FOB Destination, terms 2/10, 1/30. The cost of the merchandise sold was 100,000. S Paid 2,000 freight on November 4 transaction Received credit from Crown Company for merchandise returned, P20,000. 12 Paid Crown Co the full amount. 13 Collected from November 4 customers. Bought merchandise on cash basis for P80,000. 15 Paid salaries, P15,000 16 Borrowed money from RCBC, signed a promissory note, P100,000. 17 Received refund from a supplier on cash purchase of January 14, P10,000. 18 Bought merchandise from Pacific Company, P180,000. FOB Shipping point, terms 2/10, n/30. 20 Paid freight on November 18 transaction, P7,000. 23 Sold merchandise for P160,000. The cost of the merchandise sold was P100,000. 26 Bought merchandise for cash, P13,200. 27 Paid Pacific on November 18 purchase, P90,000. No discount is allowed for partial payment. 28 Withdraw 50,000 cash from business. 29 Made cash refund to cash customers for defective merchandise, P9,000. 30 Sold merchandise on account, P137,000. The cost of the merchandise sold is P89,000. Paid the following expenses: Advertising: P11,000; Utilities, P4,000; Rent, 5,000 and salaries, P10,000. Required: Required: PREPARE THE JOURNAL ENTRIES OF THE ABOVE TRANSACTIONS USING PERPETUAL INVENTORY SYSTEM. Include explanation No. 101 Cash No. 112 Accounts Receivable No. 121 Merchandise Inventory No. 120 Prepaid Rent No. 121 Prepaid Insurance No. 126 Office Supplies No. 130 Furniture and Equipment No. 201 Accounts Payable No. 210 Notes Payable No. 205 Unearned Revenue No. 301 Santos, Capital No. 302 Santos, Withdrawals No. 400 Sales No. 401 Sales return and allowances No. 402 Sales Discount No. 725 Advertising Expense No. 726 Salaries Expense No. 727 Freight Out No. 729 Rent Expense No. 730 Insurance Expense No.750 Utilities Expense 701 0057 OF Goos SOLD