Present the transaction entries with brief explanation in each case. May 3 Purchased goods from Zeus Grocery, P20,000. May 5 Cash sales from various customers, P38,500. May 6 Sold to ARK Mini Store, P 8,000, terms 2/10, n/30. May 7 Purchased merchandise from Master Mark Department Store worth P30,000. Trade discount, 5%; terms, 1/15, n/60. May 9 Received P450 cash on goods returned to Zeus Grocery. May 11 issued credit memo to ARK Mini Store on defective merchandise worth P300. May 15 Received payment from ARK Mini Store on goods sold May 6. May 20 Paid Master Mark the account on the May 7 purchase