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Bud Brett Company sold P20,000 merchandise to Good Vibes Trading on March 1 with terms 1/10, n/30. Cost of merchandise sold is P16,000. Due

Bud Brett Company sold P20,000 merchandise to Good Vibes Trading on March 1 with terms 1/10, n/30. Cost of merchandise sold is P16,000. Due to wrong specifications, a P1,500 worth of merchandise was returned. Cost of merchandise returned is P1,200. The account was settled on March 11. Give the necessary journal entries under perpetual inventory system.

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