January 1, 2021 December 31, 2021 Physical inventory, at cost Net sales Cost of goods sold Accounts receivable - trade Accounts payable - trade Notes receivable - trade |Notes payable - trade 600,000 1,000,000 4,000,000 2,400,000 1,200,000 1,350,000 1,500,000 1,850,000 525,000 370,000 300,000 200,000 In 2021, accounts written off amounted to P100,000. Sales returns were P150,000 and purchase returns were P80,000. Collections from customers were P6,000,000, after deducting sales discounts of P200,000; while payments to trade creditors were P4,000,000, after deducting purchase discounts of P300,000.

January 1, 2021 December 31, 2021 Physical inventory, at cost Net sales Cost of goods sold Accounts receivable - trade Accounts payable - trade Notes receivable - trade |Notes payable - trade 600,000 1,000,000 4,000,000 2,400,000 1,200,000 1,350,000 1,500,000 1,850,000 525,000 370,000 300,000 200,000 In 2021, accounts written off amounted to P100,000. Sales returns were P150,000 and purchase returns were P80,000. Collections from customers were P6,000,000, after deducting sales discounts of P200,000; while payments to trade creditors were P4,000,000, after deducting purchase discounts of P300,000.

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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