Recording Merchandising Transactions Using Periodic Inventory System

Assuming that Mac Company uses the periodic inventory system, prepare the journal entries to the following transactions:

July 01- Sold merchandise to A Company on credit, terms n/30, FOB shipping point, P105,000 (cost, P63,000).

02- Purchased merchandise on credit from B Company, terms n/30, FOB shipping point, P190,000.

02- Paid Custom Freight P14,500 for freight charges on merchandise received.

09- Purchased merchandise on credit from C Company, terms n/30, FOB shipping point, P180,000, including P10,000 freight costs paid by C Company.

11- Accepted from A Company a return of merchandise, which was returned to inventory, P15,000 (cost, P9,000).

14- Returned for credit P30,000 of merchandise purchased on July 2.

16- Sold merchandise for cash, P50,000 (cost, P30,000).

22- Paid B Company for purchase of July 2 less return on July 14.

23- Received full payment from A Company for his July 1 purchase, less return on July 11.