The Net Quest Corporation loc: 2013 in Hoilo City. The transactions of i ffice. Received cash of P30,000 from the home oft frond the homie office. (This i: Bes 3. 4. 5. 6. T. 8. 10. il. 12. i . i ened a branch on January ; ated in Quezon City, Seared Nations the branch are St of P75,000 ffice’s office). Received merchandise in the amount local vendor in the amount of P10,000, merchandise was shipped at the home o! Purchased merchandise on account from a Sales on account amounted to P125,000. Returned merchandise in the amount of P2,000 to the home office. Collected P105,000 from sales on account. Paid P7,000 on account for purchases in (3) above. oh Incurred the following expenditures during the year (all paid in cash): Salaries —P 10,000. Rent—P5,000. Utilities—P2,000. 1 Other operating expenses — P 12,500. Received a journal voucher from the home office for the following charges: RO oR a. Depreciation expense—P1,500. b. Rent—P5,000. c. Insurance—P1,000. Remitted P65,000 to the home office for merchandise shipments. ‘Accustomer paid P3,000 directly to the home office. The home office is keepin: the funds. _ 4 : Closed the income summary accounts. The closing inventory amounted to P5,000 Required: Prepare the necessary journal entries on the books of the b and the home office