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What amount is received from the customer as full remittance? a 684 000

What amount is received from the customer as full remittance? a 684 000

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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Problem 10-13 (AICPA Adapted) On June 1, Compassion Company sold merchandise with a list price of P1,000,000 to a customer. The entity allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30 and the sale was made FOB shipping point. The entity prepaid P50,000 of delivery cost for the customer as an accommodation. The eustomer paid in full on June 11. What amount is received from the customer as full remittance? a 684,000 b. 734.000 C. 720,000 d. 770,000
Transcribed Image Text:Problem 10-13 (AICPA Adapted) On June 1, Compassion Company sold merchandise with a list price of P1,000,000 to a customer. The entity allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30 and the sale was made FOB shipping point. The entity prepaid P50,000 of delivery cost for the customer as an accommodation. The eustomer paid in full on June 11. What amount is received from the customer as full remittance? a 684,000 b. 734.000 C. 720,000 d. 770,000
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