Rainy Company is a wholesaler of umbrellas.

The following transactions pertain to the operations of Rainy for the current
year. The fiscal year ends March 31, 2016.

2013
Feb. 1 Purchased 2,000 umbrellas at an invoice price of P 225,000 including freight of P 25,000. Terms are 2/10, n/30.
FOB Shipping Point. The freight is paid on the same date.

Feb. 5 Sold 1,300 umbrellas for P 200 each. Terms are 1/10, n/30.

Feb. 9 Paid one-half of the merchandise purchased on Feb. 1.

Feb. 14 Received cash for 1,000 of the umbrellas sold.

Feb. 28 Paid the remaining accounts payable.

Mar. 1 Sold 500 umbrellas for P 250 each for cash.

Mar. 5 Received cash for 300 umbrellas sold on Feb. 5.

Mar. 8 Purchased 1,000 umbrellas at an invoice price of P 100,000.Terms are n/30, FOB Destination. The freight
amounted to P 5,000, Freight Prepaid.

Mar. 13 Sold 600 umbrellas for P 225 each. Terms are 2/10, n/30.

Mar. 18 Paid the P 100,000 purchases on Mar. 8.

Mar. 25 Collected half of the sales on Mar. 13.

Mar. 31 Physical count revealed 550 units on hand.

Prepare the journal entries, including adjustments, to record the above transactions using the periodic system.

Rainy Company is a wholesaler of umbrellas. The following transactions pertain to the operations of Rainy for the current
year. The fiscal year ends March 31, 2016.

2013
Feb. 1 Purchased 2,000 umbrellas at an invoice price of P 225,000 including freight of P 25,000. Terms are 2/10, n/30.
FOB Shipping Point. The freight is paid on the same date.

Feb. 5 Sold 1,300 umbrellas for P 200 each. Terms are 1/10, n/30.

Feb. 9 Paid one-half of the merchandise purchased on Feb. 1.

Feb. 14 Received cash for 1,000 of the umbrellas sold.

Feb. 28 Paid the remaining accounts payable.

Mar. 1 Sold 500 umbrellas for P 250 each for cash.

Mar. 5 Received cash for 300 umbrellas sold on Feb. 5.

Mar. 8 Purchased 1,000 umbrellas at an invoice price of P 100,000.Terms are n/30, FOB Destination. The freight
amounted to P 5,000, Freight Prepaid.

Mar. 13 Sold 600 umbrellas for P 225 each. Terms are 2/10, n/30.

Mar. 18 Paid the P 100,000 purchases on Mar. 8.

Mar. 25 Collected half of the sales on Mar. 13.

Mar. 31 Physical count revealed 550 units on hand.

Prepare the journal entries, including adjustments, to record the above transactions using the periodic system.