urnalize the follwing transactions for January 2016 of Ken Merchandising : January 01 On January 01, 2016, Ken invested 500,000 cash into Ken Merchandising. On the same date, he paid 66,000 for six months' rent on the store space, P13,000 for business licenses and permits, and P60,000 for various store furniture. He also bought P90,000 worth of office supplies on account with the intention to sell them at a higher price. The company paid 500 for the shipping fee. FOB Terms: FOB Shipping point, Freight Collect. However, the next day, the business received a P2,500 credit memo for allowance granted on the purchased merchandise. The supplies were bought from Fact Supplies January 01 January 02 Store on terms n/60. January 04 The business bought from Star Supplies Shop P10,000 worth of supplies to be used in the store on terms 50% down payment, balance n/30. January 10 Michaela, a part time employee, was able to sell some of the store's merchandise to M Daniel for P15,000 on terms 50% downpayment, balance 2/10, n/30. FOB Terms: FOB Destination, Freight Collect. Mr. Daniel paid 900 shipping fee. The business sold to Mrs. Cooper merchandise for P10,000 on terms 2/10, n/30. Mr. Jonas paid the business P40,000 for merchandise bought on the same day. Mr. Jonas already paid all the merchandise in full, however, he requested that some merchandise be delivered to his new business address sometime next month. January 15 January 25 January 31 At the end of the month, the business paid utilities totaling P5000 and miscellaneous expenses amounting to P4,000. Merchandise inventory as of January 31, 2016, is P15,500, based on physical count. This excludes the amount of inventory to be delivered, based on January 25 transactio Instruction: • Use Perpetual Inventory System To determine the cost of goods sold in each sales transaction, the gross profit is 40% based o cost. (Sales Amount times 1.4) Journalize also the other necessary adjustment for January 2016. Question: Is there any missing merchandise inventory? Justify your answer by giving poof (ex. computation)