On June 7, 2020, TOTTENHAM Company acquired P3,000,000 inventory, terms 3/10, 2/20, 1/30, n/60. The Company made the following account payments: Assuming that partial payments are eligible for cash discounts, if paid within the relevant discount period, how much total cash was paid during these four payment dates?
On June 7, 2020, TOTTENHAM Company acquired P3,000,000 inventory, terms 3/10, 2/20, 1/30, n/60. The Company made the following account payments: Assuming that partial payments are eligible for cash discounts, if paid within the relevant discount period, how much total cash was paid during these four payment dates?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 7, 2020, TOTTENHAM Company acquired P3,000,000 inventory, terms 3/10, 2/20, 1/30, n/60. The Company made the following account payments:
Assuming that partial payments are eligible for cash discounts, if paid within the relevant discount period, how much total cash was paid during these four payment dates?
Transcribed Image Text:Date
Account Paid
June 10, 2020
P800,000
June 12, 2020
700,000
June 30, 2020
1,000,000
July 15, 2020
500,000
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