Journal entries (Merchandising transactions

The following transactions were completed by Montrose Company during May of the current year.

May 3. Purchased merchandise on account from Floyd Co., P4,000, terms FOB shipping point,

2/10, n/30, with prepaid freight of P120 added to the invoice.

5. Purchased merchandise on account from Kramer Co., P8,500, terms FOB destination,

1/10, n/30.

6. Sold merchandise on account to C. F. Howell Co., list price P4,000, trade discount 30%,

terms 2/10, n/30. The cost of the merchandise sold was P1,125.

8. Purchased office supplies for cash, P150.