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ABC company purchase 15,000 units of merchandise with a trade discount of 10%, 20%. The list price is Php50 per unit. The credit term is 2/10, n/30; FOB destination and freight collect of Php10,000. Prepare the journal entry at point of sale using gross method Prepare the journal entry on date of collection within the discount period using gross method   ABC company purchase 15,000 units of merchandise with a trade discount of 10%, 20%. The list price is Php50 per unit. The credit term is 2/10, n/30; FOB destination and freight collect of Php10,000. Prepare the journal entry at the point of sale using the net method Prepare the journal entry on the date of collection within the discount period using the net method

ABC company purchase 15,000 units of merchandise with a trade discount of 10%, 20%. The list price is Php50 per unit. The credit term is 2/10, n/30; FOB destination and freight collect of Php10,000. Prepare the journal entry at point of sale using gross method Prepare the journal entry on date of collection within the discount period using gross method   ABC company purchase 15,000 units of merchandise with a trade discount of 10%, 20%. The list price is Php50 per unit. The credit term is 2/10, n/30; FOB destination and freight collect of Php10,000. Prepare the journal entry at the point of sale using the net method Prepare the journal entry on the date of collection within the discount period using the net method

FINANCIAL ACCOUNTING
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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ABC company purchase 15,000 units of merchandise with a trade discount of 10%, 20%. The list price is Php50 per unit. The credit term is 2/10, n/30; FOB destination and freight collect of Php10,000.

  1. Prepare the journal entry at point of sale using gross method
  2. Prepare the journal entry on date of collection within the discount period using gross method

 

ABC company purchase 15,000 units of merchandise with a trade discount of 10%, 20%. The list price is Php50 per unit. The credit term is 2/10, n/30; FOB destination and freight collect of Php10,000.

  1. Prepare the journal entry at the point of sale using the net method
  2. Prepare the journal entry on the date of collection within the discount period using the net method
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