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Du. Liechtenstein Company, which uses periodic inventory system, revealed the following purchase transactions which occurred during the last few days of the fiscal year, which ends December 31, and in the first few days after that date. Books are still open. 1. An invoice for P90,000, FOB shipping point, was received on December 15. The receiving report indicates that the goods were received on December 18 but across the face of the report is the notation "merchandise not of the same quality as ordered - returned for credit, December 19". The merchandise was included in the inventory. 2. An invoice for P140,000, FOB destination, was received and recorded on January 4. The receiving report indicates that the goods were received on December 29. The merchandise was included in inventory. 3. An invoice for P50,000, FOB shipping point, was received and recorded on December 27. The shipment was received in satisfactory condition on January 2. The merchandise was not included in the inventory. 4. An invoice for P75,000, FOB destination, was received and recorded on December 28. The shipment was received in satisfactory condition on January 3. The merchandise was not included in the inventory. 5. An invoice for P30,000, FOB shipping point, was received and recorded on January 4. The invoice shows that the goods had been shipped on December 28 and the receiving report indicates that the goods had been received on January 4. The merchandise was excluded from inventory. Which of the following adjusting entries is correct? a. In Transaction 1, Debit Merchandise Inventory P90,000; Credit Income Summary P90,000 In Transaction 2, Debit Accounts payable P140,000; Credit Purchases P140,000 c. In Transaction 3, Debit Income Summary P50,000; Credit Merchandise Inventory P50,000 In Transaction 4, Debit Accounts payable P75,000; Credit Purchases P75,000 e. In Transaction 5, Debit Purchases P30,000 and Income Summary P30,000; Credit Accounts payable P30,000 and Merchandise Inventory P30,000