Presented as follows is the trial balance of Masinop Trading Company at the beginning of October 2021. Various transactions for the month of October 2021 are also presented. MASINOP TRADING COMPANY Trial Balance October 1, 2021 CREDIT Account title Cash Accounts Receivable Merchandise Inventory Building Accounts Payable Notes Payable Masinop, Capital TOTAL Acct. No. 101 102 103 111 201 211 301 DEBIT 14,500 3,000 48,000 130,000 P 32.000 70,000 93,500 P195,500 P195,500 14 October Sold goods on account amounted to P39,000. Terms: 60 2 Sold goods on account, P25,000 Terms 2/10, 1/30 Paid PS 870 payable to supplier 8 Purchased merchandise on account amounting to P16,000 9 Collected payment of customer from credit sales made on Oct 2 10 sold goods for cash, P42.000 The owner withdrew cash of P15000 for personal uso 18 The owner made additional investment amounting to P200,000 18 Paid the lender for the ball amount of the notes payable 19 Purchased merchandise on account amounting to P20,000 Terms 5/EOM, 1/45 24 Customer returned merchandise sold for cash, P10,000, the customer was reimbursed for the said amount 25 Purchased store supplies on account which were used immediately, P12.000 Masino Trading Company paid the merchandise purchased on Oct 19 27 Recewed bills for utilities: P3,200 for water, P5 700 for electricity and P4,400 for communications, due dates for these expenses are scheduled 1 week of the following month 28 Paid monthly rent for store space amounting to P8,000 30 Collected P3.000 from customer for payment of goods sold on account 30 Purchased vehicle to be used by the business amounting to P125 000 31 Paid salaries of employees for the month of October, P42,000 REQUIRED 1. Record the transactions in the journal 2 Post the entries to the lodger 3. Prepare the trial balance as of October 31, 2021 REFERENCE Tan, Lorenzo G. and Rexrac P Repallo, Fundamentals of Accounting 1. FNB Educational, Inc., Quezon City 2018