Problem 9: Cutting Edge Co. 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: P 1,480,000 800,000 600,000 800,000 1,200,000 320,000 80,000 320,000 140,000 240,000 72,000 1,200,000 1,000,000 6,000,000 4,800,000 Accounts receivable, increase Notes receivable, decrease Accounts payable, decrease Notes payable- trade, increase Notes payable - bank, increase Sales return (P200,000 was refunded) Sales discounts Purchase returns (P120,000 was refunded) Purchase discounts Accounts written-off Recover of accounts written-off Cash sales Cash purchases Cash received from account customers Cash payment to trade creditors Requirements: 1. What is the total gross sales on account? 2. What is the total gross sales? 3. What is the net sales?

Problem 9: Cutting Edge Co. 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: P 1,480,000 800,000 600,000 800,000 1,200,000 320,000 80,000 320,000 140,000 240,000 72,000 1,200,000 1,000,000 6,000,000 4,800,000 Accounts receivable, increase Notes receivable, decrease Accounts payable, decrease Notes payable- trade, increase Notes payable - bank, increase Sales return (P200,000 was refunded) Sales discounts Purchase returns (P120,000 was refunded) Purchase discounts Accounts written-off Recover of accounts written-off Cash sales Cash purchases Cash received from account customers Cash payment to trade creditors Requirements: 1. What is the total gross sales on account? 2. What is the total gross sales? 3. What is the net sales?

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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