On June 1, 2019, ELENO BURAY, JR. Forest Products Sol Sold Merchandise With A P120,000 List Price
On June 1, 2019, ELENO BURAY, JR. Forest Products Sol Sold Merchandise With A P120,000 List Price
On June 1, 2019, ELENO BURAY, JR. Forest Products Sol Sold Merchandise With A P120,000 List Price
REQUIRED:
Additional Requirements:
SELLER'S BOOKS
120,000 120,000
96,000 72,000
960 0 Cash
95,040 72,000
C. Date of sale
Accounts Receivable
DATE OF COLLECTION
Cash
Sales Discount
D. Date of Sale
Accounts Receivable
DATE OF COLLECTION
Cash
Sales Discount
E. Date of Sale
Accounts Receivable
DATE OF COLLECTION
Cash
R FINAL ANSWERS HERE
SELLER'S BOOKS
OLLECTION
82,320.00
Sales 81,000.00
OLLECTION
81,000.00
Sales 91,800.00
OLLECTION
89,964.00
Sales 96,000.00
OLLECTION
95,040.00
Sales 72,000.00
OLLECTION
72,000.00
BUYER'S BOOKS
DATE OF PAYMENT
Accounts Payable
Cash
Discount
B. Date of Purchase
Purchases
Accounts Payable
DATE OF PAYMENT
Accounts Payable
Cash
C. Date of Purchase
Purchases
Accounts Payable
Date of Payment
Accounts Payable
Cash
Discount
D. Date of Purchase
Purchases
Accounts Payable
Date of Payment
Accounts Payable
Cash
Discount
E. Date of Purchase
Purchases
Accounts Payable
Date of Payment
Accounts Payable
Cash
WRITE YOUR FINAL ANSWERS HERE
1,680.00
DATE OF COLLECTION
81,000.00 Cash
81,000.00 Sales Discount
81,000.00
91,800.00
Merchandise Inventory
91,800.00
96,000.00
96,000.00
96,000.00
95,040.00
960.00
72,000.00
72,000.00
72,000.00
72,000.00
R FINAL ANSWERS HERE
OF COLLECTION
Cash 80,380.00
Sales Discuount 1,640.00
Accounts Receivable
Full collection.
or A
CREDIT
84,000.00
50,400.00
84,000.00
WERE RETURN
2,000.00
1,200.00
Required:
1
Determine the cash discount available.
2 Determine the cash remitted if payment is made within the discount
period.
3
Prepare the entries on the point of view of (a) SELLER & (b) BUYER
COMPUTATION
Net Purchases
Credit Memo
(Returns) Discount (2% discount)
3,000.00
2,000.00 CASH REMITTED
- Less: 2% Discount
Net of Discount
Cash Remitted
TE YOUR FINAL ANSWERS HERE WRITE
COMPUTATION
A B C D DATE
A. Date of Sale
Date of Collection
Prepaid
B Date of Sale
B. Date of Collection
C Date of Sale
C. Date of Collection
D. Date of Sale
Date of Collection
WRITE YOUR FINAL ANSWERS HERE
SELLER'S BOOKS
ACCOUNT TITLES & EXPLANATION P.R. DEBIT
Date of Sale
te of Collection
Date of Sale
Date of Collection
Date of Sale
Date of Collection
Date of Sale
te of Collection
WRITE YOUR FINAL ANSWERS HERE
BUYER'S BOOKS
CREDIT DATE ACCOUNT TITLES & EXPLANATIONS
P.R.
A. Date of Purchase
Date of Payment
B Date of Purchase
B. Date of Payment
C Date of Purchase
C. Date of Payment
D. Date of Purchase
Date of Payment
ANSWERS HERE
BOOKS
DEBIT CREDIT
On June 16, 2016, Ilano sold merchandise to Pascual for P6,000, Terms:
2/10, n/30. Shipping costs were P600. Pascual received the goods and
Ilano's invoice on June 17. One June 24, Pascual sent the payment to Ilano,
which Ilano received on June 25. BothIlano and Pascual use the periodic
inventory system. The following are the several arrangements:
WRITE YOUR FINAL ANSWERS HERE
June 16
23
June 16
25
C
June 16
25
June 16
WRITE YOUR FINAL ANSWERS HERE
O (SELLER) BOOKS
DEBIT CREDIT DATE ACCOUNT TITLES & EXP
June 17
24
June 17
24
C
June 17
24
June 17
ANSWERS HERE
Oct 7
10
13
14
17
18
19
20
21
24
WRITE YOUR FINAL ANSWERS HERE
Octorbe 7
10
13
14
17
18
19
20
21
24
M
Sales
DEBIT CREDIT