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Please prepare a journal entry and a trial balance. Ps: The trial balance must be balance with amounting of P168,900. Direction: Analyze and journalize the

Please prepare a journal entry and a trial balance. Ps: The trial balance must be balance with amounting of P168,900.

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Direction: Analyze and journalize the following merchandising transactions of Infinity Enterprise for July 20XX. The store showed the ledger balances on July 01. Account Titles Dr Cr Cash 22,500 Accounts Receivable 17,500 Merchandise Inventory 10,000 Accounts Payable 16,500 Juan Gabriel, Capital 33,500 Total P 50.000 P.50.000 July 1 Purchased merchandise on account from Pressly Inc., P22,000, terms: n/30 July 2 Collection of account, P10,000 July 3 Sold merchandise on account, P22,650, terms: 2/10, n/30 July 7 Paid, P600, freight on July 3 sales July 11 Purchased supplies for cash, P5,000 July 12 Purchased merchandise for cash, P11,500 July 13 Payment of account to supplier, P16,500 July 15 Paid salaries of P5,000 July 16 Received refund for poor quality merchandise from supplier on cash purchase, P1,750 July 17 Purchased merchandise from Croc Distributors, P12,000, terms: 2/10, n/30 July 18 Paid freight on July 17 purchase, P1,150 July 24 Sold merchandise for cash, P24,000 July 25 Purchased merchandise from Minnie Company, P16,000, terms: 2/10, n/30 July 26 Received collections in full from customers billed July 03 July 29 Made refunds to cash customers for defective merchandise, P750 July 31 Paid Pressly Inc. in full July 31 Sold merchandise on account, P29,500 FOB, terms: 2/10, n/30 July 31 Paid salaries of P5,000 Required: Prepare a Trial Balance Infinity Enterprise Trial Balance July 20xx DEBIT CREDIT Cash Accounts Receivable Merchandise Inventory Supplies Accounts Payable Juan Capital Sales Sales Return and Allowances Purchases Purchase Return & Allowances Freight In Freight Out Salaries TOTALS 168,900.00 168.900.00

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