Vincenzo Cassano Company began business on August 1, 2016. Selected transactions for August related to its merchandising business are given below. Record the following transactions for August under the periodic inventory system. August 1 Vincenzo invested P600,000 in the business. 4 Purchased merchandise from Babel Company. The list price is P50,000 with discount of 10%. Credit terms 2/15, 1/30; FOB Shipping Point, Freight Prepaid. P750. 6 Sold merchandise for P15,000 to Taecyeon Trading Terms: 1/20, 1/60. FOB Shipping Point, Freight Prepaid, P720. 10 Cash sales to Yeobin Company, P6,000; FOB Destination, Freight Prepaid. P500. 12 Returned defective merchandise Babel Company, P2,000. 15 Received returns from Taecyeon Trading, P1,000, 19 Paid Babel Company in full to avail of the cash discount 26 Taecyeon Trading settled its account in full. 1 Add file