Please help me with this one. Kindly make your answer type written. Please dont attached an image of your answer. Please type it here. Thank youuu.

PART A.

Directions: Determine the accounts to be debited and to be credited. On January 12, Uttoh Salem Cutan Trading bought merchandise from Tessie Gaas Enterprise on credit, P100,000. Term 2/10. n/30. P20,000 cost of merchandise was later returned. The credit memo was dated January 15. Payment, January 20. BOOK OF UTTOH SALEM CUTAN TRADING 1. January 12 Debit Credit 2. January 15 Debit Credit 3. January 20 Debit Credit BOOK OF TESSIE GAAS ENTERPRISE 4. January 12 Debit Credit 5. January 15 Debit Credit GSC-CID-LRMS-ESSLM, vr. 02.00, Effective April 21, 2021 6. January 20 Debit. CreditDirections: Read the statements carefully. Write T if the statement is true and F if it is false. 1. Merchandising business generates revenue from selling of merchandise while a service concern generates revenue from rendering of services to its customers or clients. 2. Under periodic inventory systems, merchandise purchased is debited to "Purchases" while under perpetual inventory it is debited to "Merchandise Inventory". GSC-CID-LRMS-ESSLM, vr. 02.00, Effective April 21, 2021 3. Freight-In refers to transportation expense in selling merchandise to customers while freight out refers to transportation expense in buying merchandise from the suppliers. 1. Freight-out is neither an asset nor cost of the business while freight-in is direct expense of the business. 5. Purchase discounts and sales discounts ae both cash discounts depending upon from the point of view of either the buyer or seller. 6. Trade discounts are spot discounts which are not recorded in the book of the business. 7. 2/10, n/30 is a discount term which means a 2% discount if paid or collected within 10 days . 8. Which of the following is an expense account (prepaid expense, accrued expense, freight out, freight in). 9. Alejandra Sison company buys merchandise costing P25,000 and returns P5,000 cost of merchandise. If the term is 2/10, n/30 and the company pays within the discount period, how much it should pay the seller? (19,600, P20,000, P21,000, P24,500).I. Written Works. [15 pts] ld enticaticn. Identify the tennis being described. 1. It is the inventory system must applicable to sari-sari store. 2. It refers to cost of goods unsold at the end of the accounting period. 3. It is the difference between sales revenue and cost of goods sold. 4. It is computed by adding shipping costs to cost of purchased merchandise but d educting returns and allowances. 5. It is the business document commonly used as the basis of recording in the cash receipts journal. 6. It is the cost associated with transporting goods from seller's to buyer's place of business. T. It is the business document issued by the buyer whenever there are retums and allowances. 3. One who buys in bull: or volume directly from a manufacturer and sells the goods to a retailer. 9. The proceeds from the sales price of goods credited to the revenue account in the accounting period when the sales were made. 113. A reduction from the sales price of the merchandise or goods sold granted by the seller to buyer or customer for paying within the discount period. Il. True or False. Write the word "True" if the statement is correct and "False" if the statement is incorrect. 1. A merchandising business has more assets and liabilities than a service business. 2. The income statement of a merchandising business includes a separate line for gross profit but not net income. 3. Paying freight on merchandise sold increases business total assets. 4. The normal operations of a merchandising businessinclude billing SFELAPCO for electricity consumed. 5. A Real Estate Developer uses the perpetual inventory system in recording transactions. Ill. Performance Task - Journalizing in General Journal - purchase and sale (2 points for each transactions) On May 15,2021, Noy Trading purchased from Jaicar Merchandising goods amounting to P30,000 on terms 50% down, balance 2/10, n/30. The next day, Noy Trading issued a P2,000 debit memorandum to Jaicar Merchandising for the return of defective merchandise bought. On May 20,2021, Noy Trading paid P10, 000 as partial payment. Noy Trading setteled in full the outstanding account with Jaicar Merchandising on May 25, 2021. On May 26, 2021, Noy Trading bought P800 worth of supplies. On May 31,2021 Noy Trading paid P5,000 electric bill to SFELAPCO and P300 water bill to Prime Waters. On the same date, Noy Trading paid P6,000 monthly rental. 1. Journalize the above transactions using periodic inventory system and general journal of Noy Trading (10 points)