On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list price. Trade Discount Credit Terms Date Paid 30% 2/10, n/30 1/10, n/30 2/10, n/30 1/15, n/30 n/30 a. June 8 b. 40% June 15 C. June 11 d. 20% June 14 e. 40% June 28 Required: For each of the sales terms, determine the following: 1. the amount recorded as a sale. 2. the amount of cash received.
On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list price. Trade Discount Credit Terms Date Paid 30% 2/10, n/30 1/10, n/30 2/10, n/30 1/15, n/30 n/30 a. June 8 b. 40% June 15 C. June 11 d. 20% June 14 e. 40% June 28 Required: For each of the sales terms, determine the following: 1. the amount recorded as a sale. 2. the amount of cash received.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Trade and Cash Discount Calculations
SECTION:
SCORE:
PROFESSOR:
Problem #1
Trade and Cash Discount Calculations
On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list
price.
Trade Discount
Credit Terms
Date Paid
30%
2/10, n/30
1/10, n/30
2/10, n/30
1/15, n/30
n/30
a.
June 8
b.
40%
June 15
С.
June 11
d.
20%
June 14
e.
40%
June 28
Required:
For each of the sales terms, determine the following:
1. the amount recorded as a sale.
2. the amount of cash received.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F29fd9382-248c-4f68-8747-9d485cd4ff1c%2F26314716-14e2-4055-b17a-620c8544c3db%2Fam5lkkk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Trade and Cash Discount Calculations
SECTION:
SCORE:
PROFESSOR:
Problem #1
Trade and Cash Discount Calculations
On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list
price.
Trade Discount
Credit Terms
Date Paid
30%
2/10, n/30
1/10, n/30
2/10, n/30
1/15, n/30
n/30
a.
June 8
b.
40%
June 15
С.
June 11
d.
20%
June 14
e.
40%
June 28
Required:
For each of the sales terms, determine the following:
1. the amount recorded as a sale.
2. the amount of cash received.
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