EVALUATION: A company had the following transactions during December: • Sold merchandise on credit for P5,000, terms 3/10, n/30. The items sold had a cost of P3,500. 17 Purchased merchandise for cash, P720. • Purchased merchandise on credit for P2,600, terms 1/20, n/30. • Issued a credit memorandum for P300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of P210. • Received payment for merchandise sold on December 1. • Received a credit memorandum for the return of faulty merchandise purchased on December 4 for P600. • Paid freight charges of P200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for P7,000, terms 2/10, n/30. The items had a cost of P4,900. Received payment for merchandise sold on December 24.
EVALUATION: A company had the following transactions during December: • Sold merchandise on credit for P5,000, terms 3/10, n/30. The items sold had a cost of P3,500. 17 Purchased merchandise for cash, P720. • Purchased merchandise on credit for P2,600, terms 1/20, n/30. • Issued a credit memorandum for P300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of P210. • Received payment for merchandise sold on December 1. • Received a credit memorandum for the return of faulty merchandise purchased on December 4 for P600. • Paid freight charges of P200 for merchandise ordered last month (FOB shipping point). • Paid for the merchandise purchased on December 4, less the portion that was returned. • Sold merchandise on credit for P7,000, terms 2/10, n/30. The items had a cost of P4,900. Received payment for merchandise sold on December 24.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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