Requirement: Using Perpetual and Periodic Inventory System, make the following:

1. Income Statement

2. Closing entries

Frontliner Mdse. Below are the sample account titles used by the company. Cash on Hand Cash in Bank Accounts Receivable Office Supplies Prepaid Rent Accounts Payable Notes Payable Accrued Interest Expense SSS, Philhealth, Pagibig Payable Fonti, Capital Sales Sales Returns and Allowances Sales Discount Purchases Purchase Returns and Allowance Purchase Discount Rent Expense Utilities Expense Freight out Salaries Expense SSS, Philhealth, Pag-ibig Expense Interest Expense Office Supplies Expense Merchandise Inventory Cost of Sales Income Summary They engaged in the following transactions in June, 2020 at 40% mark up. Jun. 1 Jun.2 Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. 11 12 14 15 16 24 26 30 Mr. Fonti made an initial investment of P250,000 thru a current account in BDO-Bauan Branch and P50,000 cash on hand Paid rent for six months (June to November 2020) worth P21,000 thru check#10001 Bought office supplies for P5,300 cash Purchased merchandise from Ado House for P50,000 FOB destination on account with terms 2/10, n/30. Returned P800 of defective merchandise to Ado House Returned office supplies worth P200 Paid Ado House in full with check#10002 Sold P15,000 worth of merchandise on cash Deposited cash collection from Jun. 12 transaction Recorded credit sales of P35,000 to Sosing Co., terms 1/10, n/30 net of delivery cost worth P2,5OO FOB destination which was paid in cash Receipt defective merchandise from Sosing Co. worth P1 ,000 Paid employee salaries P8,000 net of SSS, Philhealth, Pag-ibig Contribution worth P950 Sold merchandise to Rosa Apparel worth P15,000 cash, net of 3% discount, FOB shipping point, prepaid. Delivery fee is P2,050 Purchased merchandise worth P50,000 issuing a 2% 30days note to Myra Inc. Returned P200 worth of defective merchandise to Myra Inc. Paid utilities worth P3,5OO cash Paid employees salaries P8,500 Realized SSS, Philhealth, Pag-ibig Expense worth P1,120 Office supplies inventory is P2,200 Merchandise inventory count is P58,000