TESDA BOOKKEEPING NC II Salem Corp. was incorporated on July 2, 2019 to operate a merchandising business. It uses the perpetual inventory system. All its sales are on account with terms: 2/10, n30. Its transactions during July 2019 are as follows: (PhP) July 2 Issued share capital for 205,000 cash. 2 2 3 5 8 CO 8 9 Purchased 43,500 merchandise on account from Blic Pens Ltd. for terms 2/10, n30. Sold 12,000 of merchandise on account to Spellman Chair Rentals Inc. (Cost to Salem: 9,200). Paid Sayer Holdings Corp. 5000 for July rent. Paid Easton Furniture Ltd. 41,000 for equipment. Collected 20,000 for a cash sale made today to Ethan Ma hews Furniture Ltd. (Cost: 15200). Purchased 42,000 merchandise on account from Shaw Distributors Inc. for terms 2/15, n30. Received the amount due from Spellman Chair Rentals Inc. for the July 2 sale. 10 Paid Blic Pens Ltd. for the July 2 purchase. 10 Purchased 42,000 of merchandise on account from Peel Products Inc. for terms n30. 15 Sold 52,000 of merchandise on account to Eagle Products Corp. (Cost: 41,300). 15 Purchased 71,500 of merchandise on account from Bevan Door Inc. for terms 2/10, n30. 15 Received a memo from Shaw Distributors Inc. to reduce accounts payable by 1,000 for defective merchandise included in the July 8 purchase. 15 Eagle Products Corp. returned 2,000 of defective merchandise which was 15 20 20 21 scrapped (Cost to Salem: 1,500). Paid payroll for the first half of the month 10,000 Sold 53,500 of merchandise on account to Aspen Promotions Ltd. (Cost: 42,700). Paid Shaw Distributors Inc. for half the purchase made July 8. Obtained a loan from Allied Bank amounting to 50,000 by issuing a note. To be settled in June 2024; annual interest on the face of the note is 9% payable every January of the following year. 24 Received half the amount due from Eagle Products Corp. in partial payment for the July 15 sale. 24 Paid Bevan Doors Ltd. for the purchase made July 15. 26 Sold 6,000 merchandise on account to Long Beach Sales Ltd. (Cost: 3,400). 26 Purchased 28,000 of merchandise on account from Silverman Co. for terms 2/10, n30. 31 Paid Speedy Transport Co. 3,500 for transportation to Salem's warehouse during the month (all purchases are fob shipping point). 31 Paid the month end expenses: Advertising 2,000; Electricity 3,400; Miscellaneo Expense 2,300;Fuel and oil 1,500; Payroll 10,000 31 ired: Declared cash dividend of 10,000 to be paid on the 15th of January 2020. After reviewing the transactions, establish a chart of accounts for the company. Prepare journal entries to record the July transactions using the special journals. I general ledger account numbers and a brief description. Also prepare the subsidi ledgers. Calculate the unadjusted ending balance in merchandise inventory