In September 20x1, DEF Co. consigned 3,200 books costing P60 and retailing for P100 each to GHI Co., debiting Accounts Receivable and crediting Sales for the retail sales price. Freight cost of P3,200 was debited to Freight Expenses by the consignor. On September 30, 20x1, DEF Co. received from GHI Co. the amount of P142,020 in full settlement of the balance due, and Accounts Receivable was credited for this amount. The consignor deducted a commission of P20 for each book sold, a total of P180 for delivery expenses and a total of P200 for advertising expense. How many books were actually sold by GHI. Co.? 1,424 1,780 2,064 3,200

In September 20x1, DEF Co. consigned 3,200 books costing P60 and retailing for P100 each to GHI Co., debiting Accounts Receivable and crediting Sales for the retail sales price. Freight cost of P3,200 was debited to Freight Expenses by the consignor. On September 30, 20x1, DEF Co. received from GHI Co. the amount of P142,020 in full settlement of the balance due, and Accounts Receivable was credited for this amount. The consignor deducted a commission of P20 for each book sold, a total of P180 for delivery expenses and a total of P200 for advertising expense. How many books were actually sold by GHI. Co.? 1,424 1,780 2,064 3,200

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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