Activity 9-3 Recording Transactions On May 15, 2020, the Guzon Books acquired resale of books on account with a list price of P108,000. Butuan Publishing, the supplier, allowed a 15% trade discount as well as credit terms of 2/10, n/30. Guzon paid the invoice in full on May 20, 2019. Required: Prepare the journal entries for Guzon and Butuan Publishing Butuan Publishing (Seller) Guzon Books (Buyer) May 15 May 20 If the payment if made only on May 27, write the entries below: May 27

Activity 9-3 Recording Transactions On May 15, 2020, the Guzon Books acquired resale of books on account with a list price of P108,000. Butuan Publishing, the supplier, allowed a 15% trade discount as well as credit terms of 2/10, n/30. Guzon paid the invoice in full on May 20, 2019. Required: Prepare the journal entries for Guzon and Butuan Publishing Butuan Publishing (Seller) Guzon Books (Buyer) May 15 May 20 If the payment if made only on May 27, write the entries below: May 27

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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