Activity 9-2 Trade and Cash Discounts On June 1, 2021, De Chavez Groceries sold merchandise with a P120,000 list price. Trade Discount Credit Terms Date Paid a. 30% 2/10, n/30 June 8 b. 40% 1/10, n/30 June 15 с. 2/10, n/30 June 11 d. 20%, 10% 1/15, n/30 June 14 30%, 20%, 10% Eom June 28 e.
Activity 9-2 Trade and Cash Discounts On June 1, 2021, De Chavez Groceries sold merchandise with a P120,000 list price. Trade Discount Credit Terms Date Paid a. 30% 2/10, n/30 June 8 b. 40% 1/10, n/30 June 15 с. 2/10, n/30 June 11 d. 20%, 10% 1/15, n/30 June 14 30%, 20%, 10% Eom June 28 e.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
100%
Required:
For each of the sales terms, determine the following:
1. Amount to be recorded as Sale on June 1
2. Amount to be recorded as Sales Discount on the date of collection, if any
3. Amount of cash recieved on the dateof collection.
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Activity 9-2 Trade and Cash Discounts
On June 1, 2021, De Chavez Groceries sold merchandise with a P120,000 list price.
Trade Discount
a.
30%
Credit Terms
Date Paid
b.
40%
2/10, n/30
June 8
с.
1/10, n/30
June 15
d.
2/10, n/30
20%, 10%
June 11
1/15, n/30
e.
30%, 20%, 10%
June 14
Eom
June 28
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