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101 102 103 104 105 106 107 108 201 202 203 301 Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Rent Store Supplies Store Furniture Accumulated Depreciation - Store Furniture Accounts Payable Salaries Payable Unearned sales Maria Lopez, Capital Sales Sales Return and Allowances Cost of Goods Sold Utilities Expense Salaries Expense Rent Expense Taxes and Licenses Expense Store Supplies Expense Depreciation Expense - Store Furniture Doubtful Accounts Expense Miscellaneous Expense Income Summary 401 402 501 502 503 504 505 506 507 508 509 510 Journalize the following transactions of Maria Merchandising. On July 01, 2020, Maria initially invested P500,000 cash into Maria Merchandising. On the same date, she paid P85,000 for six months rent on the store space, P10,000 for business licenses and permits, and P50,000 for various store furniture. She 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 P1,500 credit memo for allowance granted on the purchased merchandise. The supplies were bought from 123 Supplies Store on terms n/60. On July 6, the business bought from 45 Supplies Shop P8,000 worth of supplies to be used in the store on terms 50% downpayment, balance n/30. Francisco, a part time employee, was able to sell on July 12 some of the store's merchandise to Mr. Sam for P16,000 on terms 50% downpayment, balance 2/10, n/30. FOB Terms: FOB Destination, Freight Collect. Mr, Sam paid 500 shipping fee. On July 24, the business sold to Mrs. Aslani merchandise for P12,000 on terms 2/10, n/30. On July 30, Mr. Boom paid the business P42,000 for merchandise bought on the same day. Although Mr. Boom already paid all the merchandise in full, he requested that some merchandise be delivered to his new business address sometime next month. At the end of the month, the business paid utilities totaling P4,920 and miscellaneous expenses amounting to P2,710. Adjustment data are as follows: a. Merchandise inventory as of July 31, 2020, is P12,500, based on physical count. This excludes the amount of inventory to be delivered based on July 30 transaction. b. The P8,000 salary of Francisco for the month of July remains unpaid as of July 31, 2020. Notes: -Used Perpetual Inventory System -To determine the cost of goods sold in each transaction the gross profit will be 30% ased on cost. Question: Is there any missing merchandise inventory

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