On March $2,$ More Company sold merchandise with a cost of P$600,000$ to Cheez Company, terms $\frac{2}{10},\frac{n}{30}.$ It was the policy of the company to sell at a mark$-$up of $40\%$ of cost$.$ On March $6$ Cheez returned P$120,000$ of the merchandise billed by More because it was defective. The cost of the returned merchandise was also recorded. On March $12,$ More collected $50\%$ of the account due less the discount and the balance was paid on March $20.$

Required: Entries to record these transactions on More's books.

Town and Country, distributor of educational books, sold to GMA on July $1$ goods listed at a price of P$7,500.$ Trade discounts of $2\%$ and $1\%$ were granted. GMA was allowed to pay on terms of $\frac{2}{10},\frac{n}{30}$ FOB Shipping Point. Freight was paid by GMA amounting to P$1,344$ on July $1.$ GMA paid P$5,000$ on July $5$ and the balance on July $10$ less the full discount. The seller is VAT exempt.

Required: Using periodic method record in seller's book on date of sale and date of collections.

Ray Company, importer of cell phones, sold goods to Nokia Mart on August $1,2022$ at an invoice price of P$13,440.$ To attract customers, the company sells on account with terms of $\frac{2}{10},\frac{n}{30}.$ Nokia gave a $30\%$ down payment, got an allowance approved for two defective cell phones priced at $P1,680$ on August $4$ and paid promptly its account on August $10.$

Required: a$)$ Entries in Ray's books, a non$-$VAT registered firm under the periodic method.

b$)$ Do the entries again assuming Ray is a VAT registered firm. Add $12\%$ VAT.