FDN Trading uses periodic inventory system. On November 15, 2021, FDN sold merchandise to Rossi Company for P116,000 on terms 3/10, 2/20, n/30. On November 18, 2021, Rossi returned to FDN goods worth P8,700 due to wrong specification. On November 25, 2021, Rossi made partial payment of P25,000. On December 4, 2021, Rossi paid its account in full. How much should FDN Trading credit to Sales Revenue on November 15?

FDN Trading uses periodic inventory system. On November 15, 2021, FDN sold merchandise to Rossi Company for P116,000 on terms 3/10, 2/20, n/30. On November 18, 2021, Rossi returned to FDN goods worth P8,700 due to wrong specification. On November 25, 2021, Rossi made partial payment of P25,000. On December 4, 2021, Rossi paid its account in full. How much should FDN Trading credit to Sales Revenue on November 15?

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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