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3. Alco Co. records purchases at net amounts and uses the periodic inventory system. transactions during the month: Alco had the following June 11

3. Alco Co. records purchases at net amounts and uses the periodic inventory system. transactions during the month: Alco had the following June 11 Purchased merchandise on account, P9,000, terms 2/10, 15 n/30. Returned part of June 11 purchase, P1,000, and received credit on account. 30 Prepared the adjusting entry required for financial statements. Requirement: Prepare the journal entries.

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