someca areCutting Edge Co. is engaged in a small export business. The company maintains limitedrecords. Most of the company's transactions are summarized in a cash journal; non-cashtransactions are recorded by making memo entries. The following are abstracted from thecompany's records:Accounts receivable, increaseNotes receivable, decreaseAccounts payable, decreaseCHAPTER 11-PROBLEM 9:P1,480,000800,000600,000AUDITING PRACTICE (2022 Ed.)/CTEspenilla 377 CHAPTER 11: ERROR CORRECTION; CASH/ACCRUAL AND SINGLE ENTRYNotes payable -trade, increaseNotes payable - bank, increaseSales return (P200,000 was refunded)Sales discountsPurchase returns (P120,000 was refunded)Purchase discountsAccounts written-offRecovery of accounts written-offCash salesCash purchasesCash received from account customersCash payment to trade creditorsRequirements:1. What is the total gross sales on account?2. What is the total gross sales?3. What is the total net sales4. What is the total gross purchases on account?5. What is the total gross purchases?6. What is the net purchases?800,0001,200,000320,00080,000320,000140,000240,00072,0001,200,0001,000,0006,000,0004,800,000

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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 CHAPTER 11-PROBLEM 9: P1,480,000 800,000 600,000 AUDITING PRACTICE (2022 Ed.)/CTEspenilla 377

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 CHAPTER 11-PROBLEM 9: P1,480,000 800,000 600,000 AUDITING PRACTICE (2022 Ed.)/CTEspenilla 377

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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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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