PROBLEM SOLVING: HERCHANDISING PROBLEM [PERPETUAL INVENTORY SYSTEM] The Riego Hardware Store was organized on May 1 of the current year by Mr. Percival Archer Riego engaged in a whole sale trading business. The transactions for the month of May 8|. chart of accounts are as follows: May 1 Mr Riego invested P555, 555 cash in his business. Purchased merchandise on aocount from MERC Trading P155, 555, terms: 21'15, r535, FOB Shipping point. Bought the following on cash: Computer Equipment P5, 555 St Supplies P3, 555. Sold merchandise on cash P25, 555. The goods oost PT, 555. Sold merchandise on cash amounting P55. 555. The merchandise cost was P35, 555. Received the merchandise and paid the bill for the shipping of P1, 555 from 26o Shipping Company. Sold merchandise on aocount P44, 555. The goods cost P22, 545. Received a P5, 555 credit memo from MERC Trading for a return of defective merchandise. Sold merchandise on account to Zeus Company P255, 555, FOB Destination, terms: 3.55. The goods was P?5, 555. Paid transportation P2, 555 on May 15 sales. Sold merchandise on cash to J.A Company P55, 555. The cost of goods was 35, 555. Paid salaries P25, 555. Made a refund amounting P4, 555 on May 5. The goods valued at P2, 555. Purchased furniture worth 25, 555 in cash from Elizalde Woods 81. Crafts. Made a full payment to MERC Trading. Collected the aocount due from Zeus Company. Bought merchandise from Montefalco Wholesaler PT5, 555, FOB Shipping Point, terms: 21'15, ni35. Borrowed money from BDO signed a promissory note for P15, 555. Paid freight on May 21 purchased, P1, 555. Mr Riego got cash P5, 555 from the business. Paid Montefalco Wholesaler P55, 555. No discount allowed on partial payment. Paid the following: Advertising P5, 555, Utilities P2, 555, Salaries P25, 555, Rent PE, 555, Insurance P2, 555 Chart of Accounts: 155 CASH, 155 ACCOUNTS RECEIVABLE, 115 MERCHANDISE INVENTORY, 115 SUPPLIES, 125 FURNITURE 3. FIXTURES, 125 EQUIPMENT, 255 ACCOUNTS PAYABLE, 255 NOTES PAYABLE 355 RIEGO CAPITAL, 355 RIEGO DRAWINGS, 455 SALES, 455 SALES RETURNS AND ALLOWANACES, 415 SALES DISCOUNT, 555 SALARIES EXPENSE, 555 ADVERTISING EXPENSE, 515 RENT EXPENSE, 515 UTILITIES EXPENSE, 525 INSURANCE EXPENSE, 525 FREIGHT OUT. 535 COST OF GOODS SOLD, 555 INCOME SUMMARY Required: 1. Journal Entries 2. Ledger 3. Trial Balance 4. Statement of Performance 5. Statement of Equity 5. Statement of Financial Position T". Statement of Cash Flows 3. 9. Closing Entn'es Post Closing Tn'al Baance