Please prepare journal entries using the Periodic Inventory System. And also, please follow the format. Thank you and have a great day ahead!:) Requirement: Prepare journal entries using the following inventory systems:1) Periodic Inventory System2) Perpertual Inventory SystemLenore Loqueque Homewares engaged in the following transactions in October:Sold merchandise on credit to Lacson Co., terms n/30, FOB'shippingpoint, P30,00.Purchased merchandise on credit from Orcajada Co., terms n/30,FOB shipping point, P60,000.Paid Mendoza Co. for shipping charges on merchandise purchasedon Oct. 8, P2,540.Purchased merchandise on credit from Ortiz Co., terms n/30, FOBshipping, P90,000. Freight prepaid by Ortiz, P6,000.Purchased office supplies on credit from Isagan Co., terms n/10,P24,000.Sold merchandise on credit to Pabelico Co., terms n/30, FOBshipping, P24,000.Returned damaged merchandise received from Orcajada Co. on Oct.8 for credit, P6,000.Received check payment from Lacson Co. for his purchase on Oct. 7.Returned a portion of the office supplies received on Oct. 13 forcredit, P4,000.Sold merchandise for cash, P18,000.Paid Ortiz Co. for purchase of Oct. 10.Paid Orcajada Co. the balance from the transaction on Oct. 8 and 14.Accepted from Pabelico Co. a return of merchandise, P2,000.Oct. 7810131414171819202124Follow this format below:Periodic Inventory SystemPerpetual Inventory SystemDebitDateAccountsDebitCreditDateAccountsCredit

Name: Please prepare journal entries using the Periodic Inventory System. An
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Description: Please prepare journal entries using the Periodic Inventory System. And also, please follow the format. Thank you and have a great day ahead!:) Requirement: Prepare journal entries using the following inventory systems:1) Periodic Inventory System2)