assroom.google.com/u/1/c/MjkzNLJNDM2NomAliExpressLazada a Agoda.comOpen with Google Docsntermediate Accounting 1.docxb. 350,000d. 450,00012. On June 1, P16,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer returned P2,000 of the goods. How muchshould the seller expect to recelve if the buyer pays on June 8?c. P14,000d. P15,840a.P13,840b. P13,86013. This is Basic Company operates in an industry that has a high rate of bad debts. On December 31, 2018, before any year end adjustment,the accounts receivable balance was P8,000,000 and its allowance for doubtful accounts balance was P800,000. The year-end balancereported for the allowance for doubtful accounts is based on the following schedule:TIme outstandingUnder 30 days31-180 days181-360 daysMore than one yearAccounts RecelvablePercent uncollectible3,000,0002,500,0002,000,000400,00010%20%50%100%Accounts of P400,000 were written off during the year. What should be the doubtful accounts expense for 2020?2,200,000b. 1,800,000C. 1,400,000d. 1,800,000a.14. At January 1, 2020, I know this Company had a credit balance of P520,000 in its allowance for uncollectible accounts. Based on pastexperience, 2% of I know this' credit sales have been uncollectible. During 2020, I know this wrote off P650,000 of accounts recelvable.Credit sales for 2018 were Pl18,000,000. In its December 31, 2020 balance sheet, what amount should I know this report as allowance foruncollectible accounts?C. P230,000d. P360,000a.P590,000b.P880,00015. On October 3, 2020, Strawberry Company sold goods to a customer for P72,000 with credit terms 2/10, n/30. Strawberry uses the netmethod of accounting for cash discounts. What entry would Strawberry make on October 13, assuming the correct payment was received onthat date?CashSales discount70,560a.Page1,440Accounts recelvable72,000li

Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

12. On June 1, P16,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer returned P2,000 of the goods. How much should the seler expect to recelve if the buyer pays on June 8? P13,840 P13,860 C. P14,000 d. P15,840 a. b.

12. On June 1, P16,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer returned P2,000 of the goods. How much should the seler expect to recelve if the buyer pays on June 8? P13,840 P13,860 C. P14,000 d. P15,840 a. b.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

I want to correct answer
PA2. LO 6.1 Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost.
On June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?
BUS 038 : Business Computatns5. You buy goods at a list price of $820. If you receive a trade discount of 25% and terms are “2/15, n/30,” what amount must you pay if you pay within the discount period?
29. A salesman gets P10,000 commission on a sale of a certain item. This amount raised his average commission by P1,100. If his new average commission is P4,500, what is his total commission? DES 8 Indo A. P31000 C. P25000 P27000 ar 68 8 jaal zit ni soyoni al 25m B. P29000 D. paibuloni (2x AVOY
Rangling Company, buys goods from A.J. Stop Company that gives sales terms of 2.5/10, net 30 days. Rangling has annual gross purchases of $1,000,000. Calculate the maximum amount of costly trade credit that Rangling could get, assuming it abides by the A.J.’s credit terms? (Assume a 365-day year.)
5. Alivat Company purchases goods for OMR 18,000 from the supplier and makes payment along with VAT, The Company realizes OMR 25,000 by selling those goods and charges VAT from customer. What will be the VAT amount that is forwarded by the supplier of the company to the government when VAT rate is 9%? A. OMR 1,620 B. OMR 630 C. OMR 2,250 D. OMR 2,880
9. 測 3. ABC Co. had the following purchases on account: September August 65% of the month's purchases are paid in the month of purchase. The remainder is paid in the month following purchase, How much will the cash payments for purchases be in August? July 000'008$ 43°F SU prt sc 144 114 fg *- V. 0. 5. 6.
The following credit sales for Edan enterprises took place during May 2020: May 1: Credit sales to Axel €800 May 2: Credit sales to Bisham €500 May 4: Credit sales to Cloe €400 May 5: Credit sales to N.Roben €700 May 7: Credit sales to S.Wijnelden €300 May 10: Credit sales to T. Hector €800 May 11: Credit sales to P. Sneijder €500 May 17 Credit sales to N.Roben €600 May 23: Credit sales to Cloe €1,000 May 30: Credit sales to Axel €900 Required: (a) Record the above transactions in a sales day book (b) Record the above transactions in the following ledger accounts: (i) Sales Ledger (ii) Transfer the total to the sales account in the General ledger (c ) You have recently been hired as a book-keeper of an SME (Small and medium size) enterprise. Using a case study company in an industry of your own choice: Reflect how the case study company you have selected for purposes of this question the process of developing and maintaining books of original entry particulary with regard to…
10. JASMINE Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU!
Goods totaling P100,000 were purchased February 2 with terms of 2/10, n/30. Returns of P20,000 were made February 10. What amount of discounts, if any, can be availed of if the invoice was paid on February 12?