PROBLEM SOLVING: MERCHANDISING PROBLEM (PERIODIC INVENTORY SYSTEM) June 1, 2018 Mr. Tee deposited P 500, 000 in BDO in the name of the business Tee Supply Company. Bought a computer on account P 15, 000. Purchased merchandise, P 30, 000 from Heart Traders: FOB shipping point; 3/10,n/30. ONOWN Acquired office supplies in cash P 2, 000. Paid the amount due to Heart Traders. Sold merchandise on account to Love Company, P 70, 000, terms: FOB destination; 2/10, n/30. 9 Paid H.E Freight P 1, 500 for delivering merchandising purchased last June 3. 10 Purchased merchandise from Locker Company, P 30, 000. 11 Received returns from Love Company P 4,000 12 Received payment from Love Company less return and discounts. 13 Borrowed P 30, 000 from BDO by issuing a note. 14 Received refund for poor quality merchandise purchased on June 10 amounting to P 4, 000. 15 Sold merchandise on account to April Company, P 55, 000. Terms: FOB Destination; 2/10, n/30. 15 Paid P 1, 500 freight charges on the sale of June 15. 16 Paid the salaries, P 20, 000. 19 Purchased P 35, 000 of merchandise from Locker Company on account. Terms: FOB shipping point; 3/10, n/30. 20 Returned P 2, 500 of merchandise purchased on June 19. 23 Acquired supplies on account, P 5, 000. 26 Sold merchandise costing P30, 000 for cash. 27 Made refund to cash customer for defective merchandise P 3, 000. 28 Mr. Tee withdrew P 5, 000 from the business. 30 Paid the operating expenses: Salaries P 20,000; Rent P 5, 000; Advertising P 2, 000 and Utilities P 2, 000. 30 The ending inventory of Tee Supply Company to P 8, 000