The following transactions took place during one week's trading at Sungsam Computers. Day 1 Purchased merchandises for resale on credit costing 4,000 and Purchased office equipment on credit costing 3,800 Day 2 Sold inventories for 10,900 received a cheque. Day 3 Sold merchandises on credit 11,500 and Purchased merchandises for 3,600, paying by cheque Day 4 Paid E1,000 to an Account payable, Received 3,000 from a credit customer Day 5 Issued for cash 200,000 shares of E10 par per common stock at 17. Required: a. Write down the double entry journals for the above transactions. Use the periodic system whenever applicable. (12.75 Marks) b. State which element of the financial statements each entry represents. (8.5 Marks) c. Post the entries to the Account Payable Account only. Do not write up the other accounts. Then balance-off at the end of the period. (3.75 Marks)