Some of the sales transactions of Jefferson Triguero Distributors whose credit terms are 2/10, n/30 follow:...
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Some of the sales transactions of Jefferson Triguero Distributors whose credit terms are 2/10, n/30 follow: June 1 4 7 10 Cash sales, P180,000. Sales on account, P650,000. Received returned merchandise sold on account, P90,000. Collected the amount due from credit sales. Required: Prepare the journal entries. Some of the sales transactions of Jefferson Triguero Distributors whose credit terms are 2/10, n/30 follow: June 1 4 7 10 Cash sales, P180,000. Sales on account, P650,000. Received returned merchandise sold on account, P90,000. Collected the amount due from credit sales. Required: Prepare the journal entries.
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Answer rating: 100% (QA)
June 1 Cash sales of P180000 Debit Cash P180000 Credit Sales Revenue P180000 June 4 Sales on account of P650000 Debit Accounts Receivable P650000 Cred... View the full answer
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
Posted Date:
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