Question: Prepare journal entries for the transaction. Presented below are selected transactions of Santos Company. Santos sells in large quantities to other companies and also sells

Prepare journal entries for the transaction. Presented below are selected transactions of Santos Company. Santos sells in large quantities to other companies and also sells its product in a small retail outlet.

March 1 - Sold merchandise on account to Jaclyn Company for P3,000, terms 2/10, n/30.

March 3 - Jaclyn Company returned merchandise worth P500 to Santos.

March 9. - Santis collected the amount due from Jaclyn Company from the March 1 sale.

March 15 - Santos sold merchandise for P400 in its retail outlet. The customer used his Santis credit card.

March 31 - Santos added 1.5% monthly interest to the customers credit card balance.

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