Problem 11 - 10 Journal Entries (Periodic and Perpetual Methods) Transactions: 1. Purchased merchandise, P100,000, term: 8, 6; n/30. 2. Paid P1,000 freight on merchandise purchased, F.O.B., destination. 3. Returned merchandise in number 1 at list price of P5,000. 4. Paid all the accounts in numbers 1, 2, and 3. 5. Sold merchandise for P300,000 for cash (cost 60% of selling price). 6. Paid P3,000 freight on merchandise sold, F.O.B., destination. 7. Used merchandise in cleaning the office (selling price, P150). 8. The owner withdrew some merchandise from the storeroom for his personal use (selling price, P600). 9. The owner purchased P360 merchandise using his personal money to replace the merchandise he took from the storeroom. 10. The business paid P100 freight for merchandise on number 8. 1 1. Paid expenses for the month: salary, P6,000; rent, P2,000 and electricity, P500. 12. Some P4,000 worth of merchandise was determined as stolen. Required: Prepare the journal entries of the above transactions using the periodic and perpetual methods