Hi! I'm from the Philippines. Can you help me with this one? Also, can you explain to me if Trade Discount and Credit terms are different from each other? Should I less the trade discount first before solving the credit terms? Thank you in advance. on August 8, 20xx, Alonzo Trading purchased merchandise with a list price ofP1,700,000.00.Trade DiscountCredit TermsDate Paida.20 %cash on delivery (C.O.D.)Aug 8, 20xxb.15%Aug 17, 20xxAug 18, 20xxAug 20, 20xxSept 7, 20xx2/10; n/30C.10%3/10; n/30d.5%5/10; n/3025 %n/30e.For each trade discount / credit terms, determine the following:Required:1. the amount recorded as sales2. the amount of cash received306

Trade discount: A trade discount is offered on the list price of goods. It is not recorded in the…

Answered: For each trade discount / credit tërms,…

Business

Accounting

For each trade discount / credit tërms, determin 1. the amount recorded as sales 2. the amount of cash received

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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Question

Hi! I'm from the Philippines. Can you help me with this one?

Also, can you explain to me if Trade Discount and Credit terms are different from each other? Should I less the trade discount first before solving the credit terms?

Thank you in advance.

on August 8, 20xx, Alonzo Trading purchased merchandise with a list price of
P1,700,000.00.
Trade Discount
Credit Terms
Date Paid
a.
20 %
cash on delivery (C.O.D.)
Aug 8, 20xx
b.
15%
Aug 17, 20xx
Aug 18, 20xx
Aug 20, 20xx
Sept 7, 20xx
2/10; n/30
C.
10%
3/10; n/30
d.
5%
5/10; n/30
25 %
n/30
e.
For each trade discount / credit terms, determine the following:
Required:
1. the amount recorded as sales
2. the amount of cash received
306

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