Question: Please answer in proper format with all working clearly Note every entry should have narration please Journal,ledger, trial balance ABC Company had the following transactions

Please answer in proper format with all working clearly

Note every entry should have narration please

Journal,ledger, trial balance

Please answer in proper format with all working

ABC Company had the following transactions during December 2020 Dec. 1. Sold merchandise on credit for Php5,000, terms 3/10, n/30. 2. Purchased merchandise for cash, Php720. 4. Purchased merchandise on credit for Php2,600, terms 1/10, n/30. 12. Received payment for merchandise sold December 1. 12. Received a credit memorandum for the return of faulty merchandise purchased on December 4 for Php600. 13. Paid freight charges of Php200 for merchandise ordered last month. 22. Paid for the merchandise purchased December 4 less the portion that was returned. 24. Sold merchandise on credit for Php7,000, terms 2/10, n/30. 29. Received payment for merchandise sold on December 24. Required: Using Periodic Inventory System, Prepare the general journal entries to record these transactions. Perform also the Posting and prepare the trial balance

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