10.5 - PROBLEM Princess, owner of Creamy Merchandising, had the following transactions in April 2016: Apr 1 12 15 16 On cash basis from various suppliers, 40,000 On account from Giant Store, ¥ 100,000. Terms: 15, 10, 2/10, n/30. Sold merchandise on account to Black Merchandising, ¥ 60,000. ‘Terms: 2/10, n/30. The cost of the merchandise sold was P 45,000. Freight paid amounted to 1,500. The business maintains gross profit rate on all sales at 25%. Returned 2,500 worth of merchandise on April 1 transactions. Creamy Merchandising was refunded of the amount. Received returned goods from Black Merchandising, P 2,000. Bought store supplies, 3,000 on account. Asset method is used. Received debit memo from Giant Store, 2,000. Paid in full Giant Store. Collected the full amount from Black Merchan ing. Paid the salaries of the store employees, 5,000. Purchased merchandise from Yellow Company on account, * 60,000. Terms: 2/15, n/30. ovaieu with Cams20 - Sold to Alpha Company on account, ¥ 30,000. Terms: 2/15, n/30. The business had 25% gross profit on this sale. 26 - Issued debit memo to Yellow Company for 2,000 for defective goods. 30 - Received debit memo from Alpha Company amounting to ® 2,000. ~ Paid the salaries of the workers, ® 15,000. Required: Record the transactions in a two-column general journal under the following inventory systems: 1. perpetual inventory system 2. periodic inventory system Scanned with Cams