Cutting Edge Co. is engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable, increase Notes receivable, decrease Accounts payable, decrease Notes payable -trade, increase Notes payable - bank, increase Sales return (P200,000 was refunded) Sales discounts Purchase returns (P120,000 was refunded) Purchase discounts P1,480,000 800,000 600,000 800,000 1,200,000 320,000 80000 320,000 140,000 240,000 72,000 1,200,000 1,000,000 6,000,000 4,800,000 Accounts written-off Recovery of accounts written-off Cash sales Cash purchases Cash received from account customers Cash payment to trade creditors

Cutting Edge Co. is engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable, increase Notes receivable, decrease Accounts payable, decrease Notes payable -trade, increase Notes payable - bank, increase Sales return (P200,000 was refunded) Sales discounts Purchase returns (P120,000 was refunded) Purchase discounts P1,480,000 800,000 600,000 800,000 1,200,000 320,000 80000 320,000 140,000 240,000 72,000 1,200,000 1,000,000 6,000,000 4,800,000 Accounts written-off Recovery of accounts written-off Cash sales Cash purchases Cash received from account customers Cash payment to trade creditors

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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