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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text: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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education