Below is the Post-closing trial balance of Alcer Trading on December 31, 2016.

The subsidiary ledgers contain the following information: (1) accounts receivable

A. Richards P2, 500, J. Manalo P3, 500, W. Bayola P4, 000; (2) accounts payableT. Sato P10, 000,

J. De Leon P6, 450 and A. Cruz P5, 000. The cost of all merchandise sold was 60% of

the sales price.

The transactions for January 2017 are as follows.

Jan.3 Sold merchandise to M. MendozaP10,000, terms 2/10, n/30.

5 Purchased merchandise from P. Luna P12,500, terms 2/10, n/30.

7 Received a check from W. Bayola P4,000.

11 Paid freight on merchandise purchased P800.

12 Paid rent of P5,000 for January.

13 Received payment in full from M. Mendoza.

14 Post all entries to the subsidiary ledgers. Issue a credit memo toacknowledge receipt of damaged merchandise of P500 returned byA.Richards

15 Send A. Cruza check forin full payment of account,discount P250.

17 Purchased merchandise from M. Santos P9,600, terms 2/10, n/30.

18 Paid sales salaries of P5,800 and office salariesP6,500.

20 Gave J. De Leon a 60-day note in full payment of accountpayable.

23 Total cash sales amount to P18,600.

24 Post all entries to the subsidiary ledgers. Sold merchandise onaccount to J. ManaloP10,700, terms 1/10, n/30.

27 Send P. Luna a check for P9,500.

29 Received payment on a note of P15,000 from R. Rodriguez (short-term,non-interest-bearing note).

30 Returned merchandise of P500 to M. Santos for credit. Post all journalsto the subsidiary ledger.