Reference no: EM132646484
Problem - The following selected transactions pertaining to sales were recorded for the month of August:
August 3 - Cash sales, list price, P 50,000 with trade discount of 8% and 5% Freight paid, P 4000.
August 6 - Gave a cash refund for defective merchandise returned, P 2,000.
August 7 - Sold merchandise to Leony valued at P 35,000 terms, 2/10, 1/15, n/45.
August 8 - Defective merchandise returned by Leony, P 5,000 for which a credit memo was given.
August 11 - Leony made a partial payment of P 20,000.
August 22 - Collected the account of Leony in full.
REQUIRED - Give the journal entry (without explanation) to record the above transactions.
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