Required: Journal entries to record the transactions in the picture provided including the adjusting and closing entires.

1 of 1 ACCOUNTING FOR AGENCIES The Thing Corporation opens an agency in Baguio City. The following are the transactions for June 2018: a. The following are shipped to the agency: Samples P60,000 Advertising materials 35,000 b. Home office sends a check for P30,000 to the agency for its working fund c. The home office fills up orders sent by the agency for P250,000 worth of merchandise with selling price at P330,000 d. The agency collections amount to P245,000, net of 2% discount e. The agency's working fund is replenished for the following: Rental for store space, furniture and fixtures P15,000 Delivery expenses 3,000 Maintenance 2,200 f. Home office charges the following to the agency: Salaries and wages P10,200 Commissions 10% of sales g. The agency samples inventory at the end of June is 75% of the quantity shipped in (a) h. The agency has used 30% of the advertising materials shipped by the home office in (a) Required: Journal entries to record the above transactions including the adjusting and closing entries