Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
assroom.google.com/u/1/c/MjkzNLJN DM2N om AliExpress Lazada a Agoda.com Open with Google Docs ntermediate Accounting 1.docx b. 350,000 d. 450,000 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 seller expect to recelve if the buyer pays on June 8? c. P14,000 d. P15,840 a. P13,840 b. P13,860 13. 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 balance reported for the allowance for doubtful accounts is based on the following schedule: TIme outstanding Under 30 days 31-180 days 181-360 days More than one year Accounts Recelvable Percent uncollectible 3,000,000 2,500,000 2,000,000 400,000 10% 20% 50% 100% Accounts of P400,000 were written off during the year. What should be the doubtful accounts expense for 2020? 2,200,000 b. 1,800,000 C. 1,400,000 d. 1,800,000 a. 14. At January 1, 2020, I know this Company had a credit balance of P520,000 in its allowance for uncollectible accounts. Based on past experience, 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 for uncollectible accounts? C. P230,000 d. P360,000 a. P590,000 b. P880,000 15. On October 3, 2020, Strawberry Company sold goods to a customer for P72,000 with credit terms 2/10, n/30. Strawberry uses the net method of accounting for cash discounts. What entry would Strawberry make on October 13, assuming the correct payment was received on that date? Cash Sales discount 70,560 a. Page 1,440 Accounts recelvable 72,000 li
Transcribed Image Text:assroom.google.com/u/1/c/MjkzNLJN DM2N om AliExpress Lazada a Agoda.com Open with Google Docs ntermediate Accounting 1.docx b. 350,000 d. 450,000 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 seller expect to recelve if the buyer pays on June 8? c. P14,000 d. P15,840 a. P13,840 b. P13,860 13. 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 balance reported for the allowance for doubtful accounts is based on the following schedule: TIme outstanding Under 30 days 31-180 days 181-360 days More than one year Accounts Recelvable Percent uncollectible 3,000,000 2,500,000 2,000,000 400,000 10% 20% 50% 100% Accounts of P400,000 were written off during the year. What should be the doubtful accounts expense for 2020? 2,200,000 b. 1,800,000 C. 1,400,000 d. 1,800,000 a. 14. At January 1, 2020, I know this Company had a credit balance of P520,000 in its allowance for uncollectible accounts. Based on past experience, 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 for uncollectible accounts? C. P230,000 d. P360,000 a. P590,000 b. P880,000 15. On October 3, 2020, Strawberry Company sold goods to a customer for P72,000 with credit terms 2/10, n/30. Strawberry uses the net method of accounting for cash discounts. What entry would Strawberry make on October 13, assuming the correct payment was received on that date? Cash Sales discount 70,560 a. Page 1,440 Accounts recelvable 72,000 li
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS