Please show your solution for this one in a good accounting form. I would prefer if you present it in an excel. Thank you so much! ABC Co sold merchandise to DEF Cofor P120,000 and received P120,000for that sale one month later. Oneweek prior to receiving paymentfrom DEF, ABC made a P20,000payment to DEF for advertisingservices that have a fair value ofP15,000. After accounting for anynecessary adjustments, how muchrevenue should ABC record for themerchandise sold to DEF?

Given : ABC Co. sold merchandise to DEF for P$120,000 and received $P120,000 for that sale one month…

Answered: ABC Co sold merchandise to DEF Co for…

Business

Accounting

ABC Co sold merchandise to DEF Co for P120,000 and received P120,000 for that sale one month later. One

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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Question

Please show your solution for this one in a good accounting form. I would prefer if you present it in an excel. Thank you so much!

ABC Co sold merchandise to DEF Co
for P120,000 and received P120,000
for that sale one month later. One
week prior to receiving payment
from DEF, ABC made a P20,000
payment to DEF for advertising
services that have a fair value of
P15,000. After accounting for any
necessary adjustments, how much
revenue should ABC record for the
merchandise sold to DEF?

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