On February 17, 2022, Lee Ji-Eun sold merchandise to Cha Eu-Woo for P120,000 list price. Terms: 15%, 5%, 2/10, 1/15, n/30. The shipping cost was P3,000 with terms: FOB Destination, freight collect?

Cha Eu-Woo received the goods on the 19th of February. On February 26, Cha Eu-Woo paid the account to avail of the discount. Use the periodic inventory system. What was the entry on February 26 on the part of Lee Ji-Eun?

Answer rating: 100% (QA)

The discount for paying within 10 days is 210 x 120000 P24000 ... View the full answer