4. Horizon Co. purchased inventory with a list price of P100,000 on account under credit terms of 10%, 2/10, n/30. Requirement: Provide the journal entries under (a) Gross method and (b) Net method assuming (i) the account was paid within the discount period and (ii) the account was paid beyond the discount period. Horizon uses the periodic inventory system.

4. Horizon Co. purchased inventory with a list price of P100,000 on account under credit terms of 10%, 2/10, n/30. Requirement: Provide the journal entries under (a) Gross method and (b) Net method assuming (i) the account was paid within the discount period and (ii) the account was paid beyond the discount period. Horizon uses the periodic inventory system.

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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