REQUIRED: Journal Entry - Merchandising Business- Periodic Method

Problem #15 Journalizing Merchandising Transactions Marichu Fornolles Novelties engaged in the following transactions in December 2019. Dec. 7 Sold merchandise on credit to Caindec Store, terms n/30, FOB shipping point, P30,000. 8 Purchased merchandise on credit from Kho Traders, terms n/30, FOB shipping point, P60,000. 9 Paid Dinopol Freight for shipping charges on merchandise 10 purchased on Dec. 8, P254. Purchased merchandise on credit from Magallanes Importers, terms n/30, FOB shipping point, P95,400. Freight costs of P600 paid by Magallanes. 13 Purchased office supplies on credit from Carlos Supplies, terms n/10, P24,000. 14 Sold merchandise on credit to Zosa Gifts, terms n/30, FOB shipping point, P24,000. 14 Returned damaged merchandise received from Kho Traders on Dec. 8 for credit, P6,000. 17 Received check from Caindec Store for his purchase of Dec. 7. 18 Returned a portion of the office supplies received on Dec. 13 for credit because the wrong items were sent, P4,000. 19 Sold merchandise for cash, P18,000. 20 Paid Magallanes Importers for the purchase on Dec. 10. 21 Paid Kho Traders the balance from transactions of Dec. 8 and 14. 24 Accepted from Zosa Gifts a return of merchandise, P2,000. Required: Prepare the journal entries