FDN Trading undertook the following transactions for the month of November. Purchased merchandise for P80,000 less 5-5 on terms 1/10 n/30. The entity paid freight for P2,500 and returned defective goods worth P4,000. FDN Trading paid this account in full within the discount period. How much was the purchase discount?
FDN Trading undertook the following transactions for the month of November. Purchased merchandise for P80,000 less 5-5 on terms 1/10 n/30. The entity paid freight for P2,500 and returned defective goods worth P4,000. FDN Trading paid this account in full within the discount period. How much was the purchase discount?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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