I. Journal Entries A Sales Transaction of a Merchandising Business The following transactions were dealt with by Penthouse Merchandising March 2, sold merchandise to FM Company with a price of P 7,000, terms 3/10, 2/15, 1/30 March 5, sold merchandise to QT Company with a price of P15,000, cash on delivery March 7. QT Company retumed P5,000 worth of defective merchandise. Cash refund was granted. March 14, FM Company paid their account balance. 8. Purchases Transaction of a Merchandising Business The following transactions were dealt with by Lisa Merchandising April 1. purchased merchandise from Jennie Company amounting to P18,000, cash on delivery. April 3, purchased merchandise to Rose Company amounting to P9,000, terms 5/10, 2/15, NEOM April 9, Lisa returned 5,000 worth of merchandise to Jennie. Cash refund was granted. April 13, Lisa paid their account balance to Rose Company. Computation of Net Sales and Net Purchases Taecyon Company has gross sales of P800,000, sales discount of P20,000, and sales returns and allowances of P24,000. Also, Taecyon has purchased worth P400,000 inventory, purchase discount of P16,000 and purchase retums and allowances of P10,000. Required Compute for net sales and net purchases