24. Buyer Co. regularly buys shirts from Vendor Company and is allowed trade discounts of 20% and 10% from the last price. Buyer purchased shirts from Vendor on May 27, 2010 and received an invoice with a list price of P100,000 and payment terms 2/10, n/30. If Buyer uses the net method of recording purchases, the journal entry to record the payment on June 8, 2012 will include a. A debit to Accounts payable of P72,000 c. A credit to Purchase discount of P1,400 b. A debit to Purchase discount lost of P1,400 d. A credit to Cash of P70,560