On March 2, More Company sold merchandise with a cost of P600,000 to Cheez Company, terms 2/ 10, n/'30. It was the policy of the company to sell at a mark up of 40% of cost. On March 6 Cheez returned P120,000 of the merchandise billed by More because it was defective. The cost of the returned merchandise was also recorded. On March 15, More collected 50% of the account and the balance on March 20. Required: Entries to record these transactions on More's books. Use perpetual method