On March 2, More Company sold P900,000 of merchandise to Cheez Company, terms 2/10, n/30. The...

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On March 2, More Company sold P900,000 of merchandise to Cheez Company, terms 2/10, n/30. The cost of merchandise sold was P620,000. On March 6 Cheez returned P120,000 of the merchandise purchased because it was defective. The cost of the returned merchandise wa P82,500. On March 12, More Company collected the balance due from Cheez Company. Required: Entries to record this transactions on More's books under a perpetual inventory system. On March 2, More Company sold P900,000 of merchandise to Cheez Company, terms 2/10, n/30. The cost of merchandise sold was P620,000. On March 6 Cheez returned P120,000 of the merchandise purchased because it was defective. The cost of the returned merchandise wa P82,500. On March 12, More Company collected the balance due from Cheez Company. Required: Entries to record this transactions on More's books under a perpetual inventory system.

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