Make journal entries for the following selected transaction of Digifon Computer Shop of Mr. Felix Dela Cruz. (12% VAT is billed separately) Bought merchandise form John Wikey Co. P 240,000. Term 5%- 30 days. Returned P 5,000 cost of merchandise to John Wickey Co. Paid the account with John Wickey Co., availing the 5% discount. Sold merchandise on account to Sharon Supermarket, P320,000. Term 2/10, n/30. Received P10,000 worth of merchandise returned by Sharon Supermarket and issued a credit memo. Collected in full the account of Sharon Supermarket at a discount. Close the VAT input and Output and set-up the VAT Payable. Remit to the Bureau of Internal Revenue the VAT Payable.