Question: Problem #2 On May 15, 2018, the Guzon Book Distributors acquired for resale books on account with a list price of P108000. Butuan Publishing, the

Problem #2 On May 15, 2018, the Guzon Book Distributors acquired

Problem #2 On May 15, 2018, the Guzon Book Distributors acquired for resale books on account with a list price of P108000. Butuan Publishing, the supplier, allowed a 15% trade discount as well as credit terms of 2/10, n/30. Guzon paid the invoice in full on May 20, 2018 lRequired: Prepare the journal entries for Guzon Book Distributors

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