Town and Country, distributor of educational books, sold to GMA on July 1 goods listed at a price of P7,500. Trade discounts of 2% and 1% were granted. GMA was allowed to pay on terms of 2/10, n/30 FOB Shipping point. Freight was paid by GMA amounting to P1,344 on July 1. GMA paid P5,000 on July 15 and the balance on July 10. Seller is VAT exempt. Required: Using periodic method record in seller's book on date of sale and date of collections