Marc Company sold merchandise to Jacobs Company on July 7, 2020 at a list price of P150,000, trade discounts of 8% and 5%, FOB shipping point. Transportation cost P1,000. Cash discount terms: 2/eom, n/60. Because defective merchandise with an invoice price of P7,000 was erroneously delivered, Marc Company issued a credit memorandum to the buyer on July 9. 2020. Jacobs Company paid in full the balance due on July 29, 2020. The invoice price of goods sold on July 7, 2020 is, (Ignore VAT).
Marc Company sold merchandise to Jacobs Company on July 7, 2020 at a list price of P150,000, trade discounts of 8% and 5%, FOB shipping point. Transportation cost P1,000. Cash discount terms: 2/eom, n/60. Because defective merchandise with an invoice price of P7,000 was erroneously delivered, Marc Company issued a credit memorandum to the buyer on July 9. 2020. Jacobs Company paid in full the balance due on July 29, 2020. The invoice price of goods sold on July 7, 2020 is, (Ignore VAT).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marc Company sold merchandise to Jacobs Company on July 7, 2020 at a list price of P150,000, trade discounts of 8% and 5%, FOB shipping point. Transportation cost P1,000. Cash discount terms: 2/eom, n/60. Because defective merchandise with an invoice price of P7,000 was erroneously delivered, Marc Company issued a credit memorandum to the buyer on July 9. 2020. Jacobs Company paid in full the balance due on July 29, 2020. The invoice price of goods sold on July 7, 2020 is, (Ignore VAT).
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