The following are transactions of Mariano Lerin Bookstore for March 2020:

March

2 Purchased merchandise on credit from Digao Publishers; terms 2/10, n/30, FOB

destination, P74,000

3 Sold merchandise on credit to Detoya Book Shop, terms 1/10, n/30, FOB shipping point,

P10,000

5 Sold merchandise for cash, P70,000

6 Purchased and received merchandise on credit from Easy Bookstore, terms 2/10, n/30,

FOB shipping point, P42,000

7 Received freight bill from Supper Express from shipment received on March 6, P570

8 Paid Rent for the month, P7,000

9 Sold merchandise on credit to Recoletos Books, terms 1/10, n/30 FOB destination,

P38,000

10 Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point,

P26,500, including freight costs of P500.

11 Received freight bill from Super Express for sale on March 9, P291.

12 Paid Digao Publishers for purchase of March 2.

13 Received payment in full from Detoya Book Shop's purchase of March 3

14 Paid Easy Bookstore half the amount owed on the March 6 purchase.

15 Returned faulty merchandise worth P3,000 to Digao Publishers for credit against

purchase of March 10

16 Purchased office supplies from Olamit Supplies for P4,780, terms n/10.

17 Received payment from Recoletos Books for half of the purchase on March 9.

18 Paid Digao Pubishers in full

19 Sold merchandise to Ed Trading on credit, 2/10, n/30 FOB shipping point, P7,800

20 Returned for credit several items of office supplies purchased on March 16, P1,280

21 Received utilities bill for the month, P4,500

22 Issued a credit memo to Ed Trading for returned merchandise, P1,800

25 Paid purchases made on March 16

26 Paid freight entity for March 7 and 11 transaction

27 Received full payment from Ed Trading

28 Paid in full Easy Bookstore

30 Sold merchandise for Cash, P65,000

31 Paid salaries for the month, P12,000

Merchandise inventory on March 1, amounted to P23,000, and P28,000 at the end of the month.

*Required:

Record the transactions made for the month of March 2020

Prepare interim Income Statement for the month of March 2020.