1. On May 5, 2020, MST Company purchased merchandise with list price of P 150,000. The merchandise is subject to a trade discount of 20%, 10%, 2%, with credit terms of 1/10, n/30. Title of account Column 1 Column 2 Column 3 Example: Cash Asset Debit Balance Sheet 1 Merchandise Inventory 2 Purchases 3.Freight-in 4.Purchase Returns & Allowances 5.Purchase discount 6.Sales 7.Sales Return & Allowances 8.Sales Discounts 9 Account payable 10.Accounts Receivable