E8-7 Answer the following independent situations: All cases are inclusive of the 12% VAT. A. A credit sale was made on February 10, 2012 for P110,880, terms 2/10, n/30. On February 12, P 11,200 of the goods are returned for credit. REQUIRED: Give the journal entry on February 19 to record the receipt of the balance due within the discount period. B. Goods costing P20,832 are purchased on account on February 15, 2012 with credit terms of 2/10,n/30. On February 18 , a P1,232 credit memo is received from the supplier for damaged goods. REQUIRED: Give the journal entry on February 24 to record the payment of the balance due within the discount period. E8-8 MIGGI CORPORATION purchases merchandise from Amie Company on account, for P224,000, terms FOB shipping point, 2/10,n/30. Amie Company adds transportation charges of P13,000 to the above invoice. Miggi Corporation returned some of the merchandise, receiving a credit memorandum for P 11,200 , and then pays the amount due within the discount period. REQUIRED: Journalize the foregoing transactions