Periodic Inventory System: J. Peru Distributors is registered as a single proprietorship with DTI permit as Justine Peru opens a business May 1, 2020. May 1 2 2 4 5 5 9 12 13 14 14 15 17 19 20 21 24 27 27 28 29 30 30 Investment of 105,000 Bought merchandise on account from JBM Co. 15,900 3.5/12, n/30 Bought equipment on cash 15,000 Bought supplies on cash 850 Sold merchandise on account 65,000 3.5/10, n/30 Paid freight on May 5 sale 250 Received refund from JBM Co. 1,000 Collected to Customers Paid JBM Co. Bought Merchandise 35,400 Borrowed money to RCBC Bank with promissory note 15,500 Paid Salaries 4,500 Received cash refund from supplier 900 Bought merchandise 2/10, n/30 to CHED Co. 15,250 Paid Freight 750 on May 19 purchase Sold merchandise 47,400 on cash Bought merchandise 22,300 cash Withdrew cash 4,500 Paid CHED partial 7,900 Made refund to customer 1,500 Sold merchandise 33,700 on account n/30 Paid the following: Advertising 4,000, Utilities 550, Rent 2,500 and Salaries 4,500 Inventory 25,000

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