De Leon Co. sold goods with a list price of P6,172,000 on June 1, 2020. Trade...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
De Leon Co. sold goods with a list price of P6,172,000 on June 1, 2020. Trade discounts were 10% and 5%. Terms were 5/10, n/30. Customer paid P3,000,000 on June 5, 2020, and the remaining balance on June 10, 2020. Problem 1: How much trade discounts were recorded? Problem 2: How much cash will be received by De Leon Co. on June 10, 2020? De Leon Co. sold goods with a list price of P6,172,000 on June 1, 2020. Trade discounts were 10% and 5%. Terms were 5/10, n/30. Customer paid P3,000,000 on June 5, 2020, and the remaining balance on June 10, 2020. Problem 1: How much trade discounts were recorded? Problem 2: How much cash will be received by De Leon Co. on June 10, 2020?
Expert Answer:
Answer rating: 100% (QA)
Required Details are given below Journal Entry Date Particulars Debit P Credit P ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
The Eastman Corporation sells merchandise with a list price of $13,000 on February 1, 2007, with terms of 1/10, n/30. On February 10, 2007, payment was received on merchandise originally billed for...
-
On October 30, goods with a list price of $9,200 are sold, subject to a trade discount of 25 percent with terms of 2/10, n/30. Payment is received from the customer on December 11. What is the amount...
-
Jag Co. purchase goods with a list price of $150,000, subject to trade discussions of 20% and 10% with no cash discounts allowable. How much should Jag Co. record as the cost of these goods? 1)....
-
Charlie invested $2,000 at the end of 2015, $2,500 at the end of 2016 and $550 at the end of 2017.She earned 8% on her investment.How much money did she have at the end of 2017?
-
Sheldon Corporation loans $80,000 interest free for one year to Lynn, an employee. Assume that the applicable federal rate of interest is 4 percent. Lynn uses the loan to pay for personal debts. What...
-
A cylindrical aluminum fin with adiabatic tip is attached to a wall with surface temperature of 300C, and is exposed to ambient air condition of 15C with convection heat transfer coefficient of 150...
-
Fifty-two percent of the women in the UK play video games regularly. You randomly select seven women in the UK. Find the probability that the number of women in the UK who are gamers is (a) exactly...
-
Coca-Cola Company is a global soft-drink beverage company (ticker symbol + KO) that is a primary and direct competitor with PepsiCo. The data in Chapter 12s Exhibits 12.1312.15 include the actual...
-
For the following stress condition, calculate: a. Using the free body technique, the normal and shear stress in a plane inclined at 53 to the horizontal. b. Using the general stress equations at a...
-
Carla Company uses the perpetual inventory system. The following information is available for January of the current year, when Carla Company sold 1,600 units of inventory on January 14. Using the...
-
Prove that if a and b are positive integers, then a + b 2. (Chartrand 105) Chartrand, Gary. Discrete Mathematics. Waveland Press, 03/2011. VitalBook file. The citation provided is a guideline....
-
Nemo owned 8% of Toy Story's Stock, an S Corp., for 100 days and 14% for the remaining 265 days of the tax year. Toy Story produced an ordinary income of $14,600 for the year. Using the required...
-
Testator executes the following will: I give my Amazon stock to my nephew Karl. I give 1,000 shares of HP stock to my granddaughter Laura. I give $10,000 to my granddaughter Olivia. I give the...
-
What special compensation and benefits issues arise in international HRM ?
-
Upon his death in 2022, Nicolas owned an insurance policy on his own life (face amount of $700,000) with his wife, Holly, as the designated beneficiary. Holly is not a U.S. citizen. Nicolas and Holly...
-
4 employees gross earning on the fist quarter is $74740.65 , State income tax is $3662.29 and the 402(k) is $1494.81. Calculate Social Security Tax and Medical?
-
BKK Corporation sells headphones with a unit selling price of $200 and a contribution margin ratio of 40%. Unit variable costs are expected to increase $10 next year with no change to the unit...
-
The value of a share of common stock depends on the cash flows it is expected to provide, and those flows consist of the dividends the investor receives each year while holding the stock and the...
-
James Kimberley, president of National Motors, receives a bonus of 10% of Nationals profits after his bonus and the corporations income taxes are deducted. Nationals effective income tax rate is 30%....
-
The following beginning balance sheet and statement of cash flows for 2007 are available for Fazzi Company: Required On the basis of this information, prepare a balance sheet for the Fazzi Company as...
-
What three factors affect the decision as to when to recognize revenue?
-
Coherent states are potentially an interesting basis to consider in which to express states on the Hilbert space. Are they a good basis, satisfying qualities that we desire of a basis on the Hilbert...
-
In this chapter, we had only expressed eigenstates of the harmonic oscillator Hamiltonian through repeated action of the raising operator, \(\hat{a}^{\dagger}\). This gives us a concrete algorithm...
-
A simple model for radioactive decay of an unstable nuclear isotope is as follows.3 Consider the potential illustrated in Fig. 7.9, in which there is a hard, infinite barrier at the spatial origin, a...
Study smarter with the SolutionInn App