entered into the following transactions: Terms: FOB shipping point; 3/10, n/30. Paid freight charges Gevera purchased merchandise on account from Mulles, P243,000. puring the month of April 2021, Esterlina Gevera Store and Nancy Mulles Distributors Apr. 5 amounting to P4,000. Gevera purchased merchandise on account from Mulles, P470,000. Terms: FOB destination: 3/10. n/30. Freight charges amounted to P7,000. 7. Gevera returned P18,000 of merchandise to Mulles from the Apr. S purchase. 8. Gevera paid Mulles the amount due on the Apr. 5 transaction less returns and discounts. 10 11 Mulles paid the transportation charges on the Apr. 7 shipment. 14 Gevera paid Mulles the amount due from the Apr. 7 transaction. Gevera purchased merchandise from Mulles on account, P270,000. Terms: 20% trade discount; FOB shipping point; 3/10, n/30. 21 Freight charges on the Apr. 21 transaction amounted to P3,000 and were paid by Gevera. 25 Gevera paid Mulles the amount due on the Apr. 21 transaction. 26

entered into the following transactions: Terms: FOB shipping point; 3/10, n/30. Paid freight charges Gevera purchased merchandise on account from Mulles, P243,000. puring the month of April 2021, Esterlina Gevera Store and Nancy Mulles Distributors Apr. 5 amounting to P4,000. Gevera purchased merchandise on account from Mulles, P470,000. Terms: FOB destination: 3/10. n/30. Freight charges amounted to P7,000. 7. Gevera returned P18,000 of merchandise to Mulles from the Apr. S purchase. 8. Gevera paid Mulles the amount due on the Apr. 5 transaction less returns and discounts. 10 11 Mulles paid the transportation charges on the Apr. 7 shipment. 14 Gevera paid Mulles the amount due from the Apr. 7 transaction. Gevera purchased merchandise from Mulles on account, P270,000. Terms: 20% trade discount; FOB shipping point; 3/10, n/30. 21 Freight charges on the Apr. 21 transaction amounted to P3,000 and were paid by Gevera. 25 Gevera paid Mulles the amount due on the Apr. 21 transaction. 26

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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