On May 9, 2021. Papa Corporation sold merchandise with a list price of P 150,000 to Mama Company on account. Papa allowed trade discount og 30% and 20%. Credit terms were 2/15, n/40 and the sale was made FOB shipping point. Papa prepaid P 6,000 of delivery costs for Mama as an accommodation. QUESTION: What amount should Mama remit to papa as full payment on May 24, 2021?
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A: Trade discount is providing in series of discount at the time of sale. Cash discount will be 2℅ if…
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A: PLEASE LIKE THE ANSWER Note: “Since you have asked multiple question, we will solve the first…
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A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
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A: Trade Discount=List price×Trade Discount=P 62,000×10%=P 6,200
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A: Formula: Sales discount amount = Invoice amount x Discount rate
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A: Invoice value of merchandise = $40,000 (1-0.30) (1-0.20) = $22,400
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A:
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A: Solution: Net price = List price - Trade discount = P1,000,000 *(1-0.20) (1-0.10) = P720,000
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A:
Q: On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list price. Trade…
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- Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturityOn February 20, 2023, LIME COrporation sold merchandise with a list price of ₱ 150,000 to Durian on account. Lime allowed trade discounts of 30% and 20%. Credit terms were 2.15, n/40 and the sale was made FOB shiiping poiny. Lime prepaid ₱ 6,000 of delivery costs for Durian as an accomodation. What amount should Durian remit to LIME as full payment of March 7, 2023? A. ₱ 82,320 B. ₱ 88,200 C. ₱ 88,320 D. ₱ 94,200On June 1, 2021, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on account. Pitt allowed trade discounts of 30% and 20%. On June 11, 2021, the customer paid in full. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P200,000 of delivery costs for Burr as an accommodation. 1. What amount should be reported as sales revenue? a. 5,000,000 b. 2,800,000 c. 3,500,000 d. 2,500,000 2. What amount was received by Pitt from Burr as remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000
- On June 1, 2019 Ela Company sold merchandise with a list price of P1,000,000 to XYZ Company. Ela allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30 and the sale was made FOB shipping point. Ela prepaid P50,000 of delivery cost for XYZ as an accommodation. On June 11, 2019, Ela received from XYZ full remittance of? Choices: P734,000 P770,000 P684,000 P720,000On June 1, 2020, ABC Company sold merchandise with a list price of P50,000 to XYZ Company on account. ABC Company allowed trade discounts of 30%, 20% and 10%. Credit terms were 2/15, n/40 and the sales was made FOB destination. XYZ paid P2,000 of delivery costs. On June 12, 2020, how much did ABC Company receive from XYZ as full payment? A. 24,696 B. 22,696 C. 25,200 D. 23,200On June 1, 2020, Penny Corp. sold merchandise with a list price of $40,000 to Linn on account. Penny allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made f.o.b. shipping point. Penny prepaid $800 of delivery costs for Linn as an accommodation. On June 12, 2020, Penny received from Linn a remittance in full payment amounting to a. $21,952. b. $22,736. $22,752. d. $22,392. 22. C.
- 2. On June 1, 2020, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on account. Pitt allowed trade discounts of 30% and 20%. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P200,000 of delivery costs for Burr as an accommodation. What amount should be reported as sales revenue? a. 5,000,000 b. 2,800,000 c. 3,500,000 d. 2,500,000 On June 11, 2020, what amount was received by Pitt from Burr as remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000On June 1 of the current year, Pitt Company sold merchandise with a list price of P 5,000,000 to Bull company. Pitt allowed trade discounts of 30% and 20%. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P 200,000 of delivery costs. What will be the remittance to be received by Pitt from Bull? a. P 2,744,000 b. P 2,940,000 c. P 2,944,000 d. P 3,140,000On June 1, 2022, Pitt Corp. sold merchandise with a list price of Php 5,000 to Burr on account. Pitt allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made FOB shipping point. Pitt prepaid Php 200 of delivery costs for Burr as an accommodation. On June 12, 2022, Pitt received from Burr a remittance in full payment amounting to Php 2,944 Php 2,744 Php 3,140 Php 2,940
- A. On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a Php120,000 list price. Trade Discounts Credit Terms Date Paid a. 30% 2/10, n/30 June 8 b. 40% 1/10, n/30 June 15 c. - 2/10, n/30 June 11 Required: For each of the sales terms, determine the following: a. The amount ofrecorded saleb. The amount ofcash received upon paymentOn June 1, 2018, JULLIES, Inc. sold merchandise with a list price of ₱40,000 to JELLY Corp. on account. JULLIES allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made FOB Shipping Point. JULLIES prepaid ₱800 of delivery costs for JELLY as an accommodation. On June 12, 2018, JULLIES received from JELLY a remittance in full payment amounting to...PROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under credit. terms of 10%, 15%, 3/10 2/15 1/20 n/30. 1. How much should be debited to Accounts receivable on January 1, 2022, under the net method? 2. Assuming the customer settled its account on January 11, 2022, what amount should be recognized as sales discount under the gross method? 3. Assuming the customer settled its account on January 16, 2022, what amount should be recognized as sales discount forfeited under the allowance method? 4. Assuming the customer settled its account on January 21, 2022, what amount should be recognized as sales discount forfeited under the net method? 5. Assuming the customer settled its account on January 31, 2022, what amount should be recognized as sales discount under the allowance method?