Percy Company is engaged in a small export business . The company maintains limited records . Most of the company's transactions are summarized in a cash journal non cash transactions are recorded by making memo entries. The following are abstracted from the company's records Accounts receivable - trade 370,000 increase Notes receivable - trade 200,000 decrease Accounts payable - trade 150,000 decrease Notes payable - trade 200,000 increase Notes payable – bank 300,000 increase Sales returns ( P50,000 was refunded) 80,000 Sales discounts 20,000 Purchase returns (P30,000 was refunded ) 80,000 Purchase discounts 35,000 Accounts written off 60,000 Recovery of accounts previously written off 18,000 Cash sales 300,000 Cash purchases 250,000 Cash received from account customers 1,500,000 Cash payment to trade creditors How much is the gross sales? 1,200,000

Percy Company is engaged in a small export business . The company maintains limited records . Most of the company's transactions are summarized in a cash journal non cash transactions are recorded by making memo entries. The following are abstracted from the company's records Accounts receivable - trade 370,000 increase Notes receivable - trade 200,000 decrease Accounts payable - trade 150,000 decrease Notes payable - trade 200,000 increase Notes payable – bank 300,000 increase Sales returns ( P50,000 was refunded) 80,000 Sales discounts 20,000 Purchase returns (P30,000 was refunded ) 80,000 Purchase discounts 35,000 Accounts written off 60,000 Recovery of accounts previously written off 18,000 Cash sales 300,000 Cash purchases 250,000 Cash received from account customers 1,500,000 Cash payment to trade creditors How much is the gross sales? 1,200,000

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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