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 C. June 11 d. 20% June 14 e. 40% June 28 Required: For each of the sales terms, determine the following: I the amount recorded as a sale. 2 the amount of cash received.

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 C. June 11 d. 20% June 14 e. 40% June 28 Required: For each of the sales terms, determine the following: I the amount recorded as a sale. 2 the amount of cash received.

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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Cash Discount Calculations On June 1, Forest Company sold merchandise with a list price of $25,000. For each of the sales terms below, determine the proper amount of cash received:
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