Comprehensive Problem No. 2 This illustrative problem is about MSS Enterprises which uses the periodic inventory system. Read the following transactions carefully and logically. Answer the requirements only. Nov. The business MSS Enterprises was registered as a single proprietorship with DTI, Max Saralee invested P40,000. 2 Bought computer equipment for P15,000. Bought merchandise on account from Jack Corp. P20,000, 2/10, n/30. Bought office supplies on a cash basis for P1,000. Sold merchandise on account for P20,000, FOB destination, 2/10, n/30. Paid P200 freight on November 4 sale. Received credit memo from Jack Corp. for merchandise return P500. 11 Paid Jack Corp. 13 Collected from November 4 customers. 14 Bought merchandise on a cash basis for P16,000. 15 Salaries paid P2,000. 16 Borrowed money from Metrobank, signed a promissory note for P15,000. Received refund from a supplier on cash purchase on November 14, P1,000. Bought merchandise from Zach Corp., P30,000, FOB shipping point, 2/10, n/30. 20 Paid freight on November 18 purchase, P1,000. 23 Sold merchandise for P25,000. 26 Bought merchandise for cash, P14,000. 27 Paid Zach Corp. on November 18 purchase, P15,000. No discount allowed on partial payment. 28 M. Saralee gets cash from the business, P2,500. 29 Made refund to cash customers for defective merchandise, P1,500. 30 Sold merchandise on account, P16,000, 2/30. Paid the following: advertising P2,000, utilities P1,000, rent P5,000, salaries P3,000. Inventory, November 30, P31, 110. Below is the chart of accounts used by MSS Enterprises. Account No. Account Title Account No. Account Title 10 Cash 501 Cost of Goods Sold 102 Accounts Receivable 502 Purchases 103 Supplies 50 Freight-in 104 Equipment 04 Purchase Discount 105 Merchandise Inventory 505 Purchase Returns 201 Accounts Payable 601 Freight-out 202 Notes Payable 602 Salaries Expense 301 M. Saralee, Capital 603 Utility Expense 302 M. Saralee, Drawing 604 Rent Expense 303 Income Summary 605 Advertising Expense 401 Sales 402 Sales Discount 403 Sales Returns Requirements: 1. Make journal entries of each transaction in the general journal. 2. Post each entry in the general ledger. 3. Prepare an unadjusted trial balance. 4 . Make closing entries in the general journal. 5. Prepare the post-closing trial balance