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
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
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.
Transcribed Image Text: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 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.
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