Problem 1: Use current journal entries answer sheet. Bud Brett Company sold P20,000 merchandise to Good Vibes Trading on March 1 with terms 1/10, n/30. Cost of merchandise sold is P16,000. Due to wrong specifications, a P1,500 worth of merchandise was returned. Cost of merchandise returned is P1,200. The account was settled on March 11. Give the necessary journal entries under perpetual inventory system. Problem 2: Use current journal entries answer sheet. Jaden Sales Company engaged in the following transactions for the month of September using the perpetual inventory method. Sept 1 Purchased goods from Mc Trading. Terms: 10-10, 1/20EOM, P200,000. 8 Returned 40% defective goods. 11 Cash sales, P92,000 (cost, P55,000) 14 Purchased goods from Jamie Enterprise worth P51,000. A trade discount of P10,000 was granted. Terms: 3/15, n/30. 17 Sold goods to Bret Trading on credit. Terms: 2/10, n/30, P200,000 (cost, P118,000) 18 Received returned goods from September 17 sale, P80,000 (cost, P48,000) 21 Paid Jamie Enterprise in full. 27 Received cash full settlement of the account from Bret Trading 28 Full settlement of account from the purchase of September 1 29 Cash purchase, P90,000 less trade discount of P5,000