A An entity purchased a split-type inverter air-conditioning unit with a price of P54,000. Other costs incurred

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A An entity purchased a split-type inverter air-conditioning unit with a price of P54,000. Other costs incurred in relation to the aircon: Delivery cost 1,200 Installation cost 7,500 Other costs were paid in cash. Prepare the journal entry for each individual case: Case 1: The aircon is paid in cash. Case 2: The aircon is purchased on account with credit terms of 2/10, n/30. The entity paid beyond the discount period. Case 3: The entity paid in cash and received a free electric fan with a fair market value of 1,400