REQUIRED: Refer to the images. IN A TABLE, prepare the journal entries (with their corresponding amounts) of the merchandising business' transactions under periodic inventory system. It is the month of March, from 1 to 31.

Journalizing Merchandising Transactions Under Periodic Inventory System The following were the transactions of V. Ayuban Company for the month of March 20A. Mar. 1 Mr. V. Ayuban made the following investments: 2 Paid business permits to the city government, P2,400. 4 Bought office equipment on account from J. Constantino and issued a promissory note, P250,000. 5 Bought store supplies inventory on account J. Constantino amounting to P15,000. 8 Bought merchandise for cash, P75,000. 10 Sold merchandise for cash, P10,000. 11 Bought merchandise on account from R. Ybanez Trading, P25,000, Term: 2/10,N/30 15 Sold merchandise on account to P. Pedroo Co., P15,000, Term: 3/10, N/30 17 Bought merchandise for: cash, P60,000 and paid freight of P1,000. 19 Sold merchandise for cash, P20,000 and paid freight of P1,500. 20 Paid our account of March 11 net of 2% discount 23 Paid rental for the month, P10,000 24 Collected our account of March 15 net of 3% discount. 26 Bought merchandise on account from C. Poyot Co., P15,000. Paid freight of P800, 27 Bought merchandise on account from S. Jabalon Co., P20,000 and was given a 5% trade discount. Term: 2/10,N/30. 28 Sold merchandise for cash, P8,000 and gave a 2% trade discount. 29 Paid light and water bills (utilities expense), P4,000. 29 Paid advertising expense, P2,500. 30 Sold merchandise on account to P. Peras Co., P30,000 and gave a 5% trade discount. 31 Paid salaries of P20,000 for the month of March 2010. quired: Prepare journal entries