1. An entity purchases a IV set on a 6-month installment term. The installment price is P150,000. However, if the TV set is purchased outright in cash, the cash price is P130,000. At what amount should the TV set be recorded in the books? (No peso sign, put comma and no centavos in your answer.) *

1. An entity purchases a IV set on a 6-month installment term. The installment price is P150,000. However, if the TV set is purchased outright in cash, the cash price is P130,000. At what amount should the TV set be recorded in the books? (No peso sign, put comma and no centavos in your answer.) *

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

1. An entity purchases a TV set on
a 6-month installment term. The
installment price is P150,000.
However, if the TV set is
purchased outright in cash, the
cash price is P130,000. At what
amount should the TV set be
recorded in the books? (No peso
sign, put comma and no centavos
in your answer.) *

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