1. Find the amount that will be recorded in the books of JD Trading regarding their purchase of merchandise, listed as Php 20, 000.00 and is given a trade discount of 30%. 2. Find the amount that will be recorded in the books of JM Trading regarding their purchase of merchandise, listed as Php 100, 000.00 and is given a trade discount of 40%.

1. Find the amount that will be recorded in the books of JD Trading regarding their purchase of merchandise, listed as Php 20, 000.00 and is given a trade discount of 30%. 2. Find the amount that will be recorded in the books of JM Trading regarding their purchase of merchandise, listed as Php 100, 000.00 and is given a trade discount of 40%.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O Credit to Sales for $11466 O Debit to Customer Refunds Payable for $234 O Debit to Accounts Recevable for $11,700 O Debit to Cash for $11,700 Previous Nex 一日一

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