ACTIVITY 3: Entries for Purchase of Goods On January 3, 2020, Kim Taehyung made a purchase. The list price of the goods was P125,000. Trade discount is 4%. Credit terms are at 5/10, n/30. Kim Taehyung, responsible for the freight, paid for the delivery cost of P3,000. On January 7, 2020, Taehyung returned some goods with invoice price of P25,000. On January 12, 2020, Taehyung settled his account. On an Excel sheet, provide the entries for the foregoing purchase in separate sheets for the periodic and the perpetual methods.

ACTIVITY 3: Entries for Purchase of Goods On January 3, 2020, Kim Taehyung made a purchase. The list price of the goods was P125,000. Trade discount is 4%. Credit terms are at 5/10, n/30. Kim Taehyung, responsible for the freight, paid for the delivery cost of P3,000. On January 7, 2020, Taehyung returned some goods with invoice price of P25,000. On January 12, 2020, Taehyung settled his account. On an Excel sheet, provide the entries for the foregoing purchase in separate sheets for the periodic and the perpetual methods.

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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