The following were the selected buying and selling activities of Gola Department Store owned and managed...

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The following were the selected buying and selling activities of Gola Department Store owned and managed by San Tomas. 1. Bought merchandise on account from ABC Co., P100,000. Term: 2/10, N/30. Paid freight on shipment, P700. 2. Gola Department Store returned merchandise to ABC Co. costing, P5,000 for not conforming with size order and was not replaced as the items ordered were out of stock. 3. Sold merchandise on account to XYZ Trading, P80,000. Term: 2/10, N/30. The cost of merchandise sold was P60,000. 4. XYZ Trading returned merchandise costing P2,000 which had been sold for P3,500. It was not replaced. 5. Gola Department Store paid their account to ABC Co. net of return and discount. 6. Gola Department Store collected the amount net of returns and discounts from XYZ Trading. Required: Prepare a comparative journal entries. Follow the suggested format. Transaction No. Periodic Perpetual The following were the selected buying and selling activities of Gola Department Store owned and managed by San Tomas. 1. Bought merchandise on account from ABC Co., P100,000. Term: 2/10, N/30. Paid freight on shipment, P700. 2. Gola Department Store returned merchandise to ABC Co. costing, P5,000 for not conforming with size order and was not replaced as the items ordered were out of stock. 3. Sold merchandise on account to XYZ Trading, P80,000. Term: 2/10, N/30. The cost of merchandise sold was P60,000. 4. XYZ Trading returned merchandise costing P2,000 which had been sold for P3,500. It was not replaced. 5. Gola Department Store paid their account to ABC Co. net of return and discount. 6. Gola Department Store collected the amount net of returns and discounts from XYZ Trading. Required: Prepare a comparative journal entries. Follow the suggested format. Transaction No. Periodic Perpetual