The following selected transactions were completed by Ultra Trading for the month of June. Assume that purchases and sales transactions (including retums) are VAT exclusive but the freight is already VAT inclusive of 12% June 1- Bought merchandise from Alex Trading P35,000 with trade discount of 20%, 2/10,n/EOM, FOB shipping point, freight prepaid, P1,344. 3 - Purchase merchandise from Montoya Company, PV7,500, terms, 2/10, n/30. FOB destination 5 - Sold merchandise to Amy Traders, P6,250 terms 2/10, n/30, FOB shipping point, freight prepaid, 504. 7- Returned defective merchandise to Montoya Company, P1,500 9 - Sold goods to Torro Sales Company, P9,750 terms 1/10, 1/30, FOB destination. 9 - Paid freight on the shipment to Torro Sales Company, P616. 11 - Paid Alex Trading in full (see transaction dated June 1) 11 - Received defective merchandise returned by Torro Sales Company, P800. 11 - Pald Montoya Company in full. 11 - Sold goods to Oregon Traders, P6,550 terms 2/10,n/30, FOB shipping point freight prepaid, P560. 11 - Amy Traders paid its account in full (see transaction dated June 5) 17-Bought goods from SM Supermarket. P27,500 terms /EOM, FOB shipping point. 17 - Paid transportation charges on the purchases from SM Supermarket, P1,176. 18 - Sold merchandise to Solomon Company, P8,750 terms 1/0, 1/20 FOB shipping point, freight prepaid. P728. 18 - Torro Sales Company paid its account in full 19 - Cash purchases, P12,000 19 - Oregon Traders paid its account in full. 20 - Received cash for defective merchandise returned. P1, 120 25 - Made a partial payment to SM Supermarket, P10,000 25 - Sold merchandise to Suave Corporation, P3,250 terms 2/10 EOM n/60, FOB shipping point 26 - Granted price allowance adjustment for defective merchandise sold to Suave Corporation, P350. 27 - Paid SM Supermarket in full 30 - Received full payment from Solomon Company 30 - Cash sales, P12,000 and paid P896 freight REQUIRED: 1. Journal entries without explanation to record the transactions. 2. Compute the VAT payable