Question: Show your solution 2. Cortan, Inc. is an export-oriented business. The company maintained limited records. Most transactions are summarized in a cash journal while non-cash

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2. Cortan, Inc. is an export-oriented business. The company maintained limited records. Most transactions are summarized in a cash journal while non-cash transaction are taken up as memorandum entries. The following are taken from their records: Accounts receivable, increase P1,480,000 Notes receivable, decrease 800,000 Accounts payable, decrease 600.000 Notes payable - trade, increase 800.000 Notes payable - bank, increase 1,200,000 Sales return (P200,000, was refunded) 320,000 Sales discount 80.000 Purchase returns (P120,000 was refunded) 320,000 Purchase discounts 140,000 Accounts written off 240,000 Recovery of accounts written off 72,000 Cash sales 1.200.000 Cash purchases 1,000,000 Cash received from account customers 6,000,000 Cash payment to trade creditors 4,800,000 Requirements: a. What is the total gross sales on account? b. What is the total gross sales c. What is the total net sales? d. What is the total gross purchases on account? e. What is the total gross purchases? f. What is the net purchases

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