Bookmoto Marketing has the following transactions for the month of March, 200x:
Mar 2 - Sold merchandise on account, P700,000; terms 10; 5/15, n/30. FOB destination, freight collect, P15,000
Mar 10 - Received sales returns, P25,000 from March 2 sales
Mar 15 - Collected sales on March 2
Mar 26 - Sold goods on account, P560,000. FOB, shipping point, freight collect, P36,000
Required: Journalize the above transactions using PERPETUAL METHOD (Assume that cost of sales is 60% of the invoice price)