1. An Office Furniture was purchased on August 1, 2022 for P 800,000 less 10%. Terms 2/10, n/30. The company paid freight of P10,000 and Insurance of P 15,000 to transport the equipment to its place. Granted an allowance of P 20,000 due to wrong specifications on August 3, 2022 . Partial payment of P300,000 was made on August 6, 2022. It was to be depreciated for P80,000 a year, the equipment account was paid on August 11, 2022. The cash payment for Office Furniture on August 11, 2022 was?

 

2. A sales invoice included the following information: merchandise price, P20,000; freight, P1,500; terms 1/10, n/eom, FOB shipping point, freight prepaid. Assuming that a credit for merchandise returned of P2,000 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller?

Answer rating: 100% (QA)

1 The office furniture cost P800000 1 10 P720000 The amount due w... View the full answer