PROBLEM 1 (Adapted) The following sales and cash receipts transactions were completed by Season Furniture for the month of June 2018: June 3 Issued Invoice No. 521 to Spring Company, P15,000 June 8 Issued Invoice No. 522 to Autumn Company, P24.000 June 12 Received cash of P60.000 as additional investment of A Mendoza, the owner. June 17 Received cash on account from Spring Company June 22 Received cash on account from Autumn Company, June 25 Issued Invoice No. 523 to Summer Company, P12,000 June 28 Issued Invoice No. 524 to Winter Company, P18,000. June 30 Received P100.000 from a bank in exchange for a promissory note Season has a uniform credit term of 2/10, n/30 for its customers. Assume that Season uses the periodic inventory system. Required: Record the above transactions in sales journal and cash receipts journal (wherever applicable). PROBLEM 2 (Adapted). Moody Company completed the following purchases and cash payments transactions in July 2018: July 2 Purchased supplies from Happy Company, P4.000, terms 2/15, n.30. July 7 Purchased merchandise from Lonely Company, P20,000, terms 2/10./30. July 10 Issued check No 701 for cash purchase of merchandise, P25,000 July 15 Purchased equipment on account from Cheers Company, P60,000, term n/30. July 17 Issued Check No. 702 to Lonely Company for the purchase on July 7. July 19 Purchased merchandise from Sad Company, P30,000, terms 2/10, 1/30. July 22 Issued check no. 703 to Happy Company for the purchase on July 2. July 28 Purchased merchandise from Excited Company, P18,000 terms 2/10,n/30 July 30 Issued check no. 704 in payment of salary expense. P16,000 Required: Prepare entries using the purchase journal and cash payments journal of Moody Company (whichever is applicable). Assume that the company uses perpetual inventory system