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the amount recorded as a sale , and the actual amount collected when paid within the discount period.

the amount recorded as a sale , and the actual amount collected when paid within the discount period.

FINANCIAL ACCOUNTING
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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SAMPLE PROBLEM: COMPUTATION OF TRADE DISCOUNTS AND CASH DISCOUNTS On July 1, 2020 JG Merchandising sold merchandise with a list price of P20,000. Complete the ff. table for each of the sales terms below by determining: (a) the amount recorded as a sale ; and (b) the actual amount collected when paid within the discount period. Applicable Trade Discount Credit Terms Date Paid Amount Actual Amount Recorded as Collected within the (%) Sales Discount Period (a) (b) 1.5% 2.5%, 3 % 3.10%, 5%, 2% 12% 15%, 10% n/30 2/10, n/30 2/10,1/15,n/30 July 16, 2020 2/eom, n/45 July 31, 2020 2/10eom,n60 August 8, 2020 July 30, 2020 July 11, 2020 41
Transcribed Image Text:SAMPLE PROBLEM: COMPUTATION OF TRADE DISCOUNTS AND CASH DISCOUNTS On July 1, 2020 JG Merchandising sold merchandise with a list price of P20,000. Complete the ff. table for each of the sales terms below by determining: (a) the amount recorded as a sale ; and (b) the actual amount collected when paid within the discount period. Applicable Trade Discount Credit Terms Date Paid Amount Actual Amount Recorded as Collected within the (%) Sales Discount Period (a) (b) 1.5% 2.5%, 3 % 3.10%, 5%, 2% 12% 15%, 10% n/30 2/10, n/30 2/10,1/15,n/30 July 16, 2020 2/eom, n/45 July 31, 2020 2/10eom,n60 August 8, 2020 July 30, 2020 July 11, 2020 41
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