This is a transaction for a merchandise business under PERIODIC INVENTORY SYSTEM.Please show the needed answer. The 1st photo is the given and 2nd photo is an example Periodic Inventory System:C. Papa Distributors is registered as a single proprietorship with DTI permit as Carl Papa,September 2019.October1n/30334566891012151719202124272728293030Investment of 32,800Bought merchandise on account from Rendezvous Co. 19,500 1.5/10,Bought equipment on account 1,500Bought supplies on cash 600Sold merchandise on account 14,600 7.6/12, n/30Paid freight on September 5 sale 600Received refund from Rendezvous Co. 2,800Collected to CustomersPaid Rendezvous Co.Bought Merchandise on Cash 25,600Borrowed money to Plan Bank with promissory note 39,500Paid Salaries 4,500Received refund from supplier 500Bought merchandise 5/10, n/30 to AMODOLFO Co. 15,200Paid Freight 600 on September 19 purchaseSold merchandise 30,400 on cashBought merchandise 12,300Withdrew cash 2,009Paid AMODOLFO partial 4,500Made refund to customer 550Sold merchandise 13,700 on account n/30Paid the following; Advertising 1,500, Utilities 700, Rent 2,500 andSalaries 5,000Inventory 25,845 JOURNALIZING TRANSACTION FOR A MERCHANDISINGBUSINESS UNDER PERIODIC INVENTORY SYSTEMRecording transactions to the general journal:May 1Investment of 65,000COMPANY NAME: QUIJANO DISTRIBUTORSDATE2019May1Account Title & ExplanationCashR. Quijano, CapitalTo record initial investmentGENERAL JOURNALPR101301PDEBITPage No. 0650 00P1CREDIT650 00

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Description: This is a transaction for a merchandise business under PERIODIC INVENTORY SYSTEM.Please show the needed answer. The 1st photo is the given and 2nd photo is an example Periodic Inventory System:C. Papa Distributors is registered as a single proprieto

Periodic inventory system is one of the system used for inventory calculation and valuation. Under…

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Business

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This is a transaction for a merchandise business under PERIODIC INVENTORY SYSTEM. Please show the needed answer. The 1st photo is the given and 2nd photo is an example

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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