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16. Percy Company id engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable 370,000 increase Notes receivable 200,000 decrease Accounts payable 150,000 decrease Notes payable-trade Notes payable-bank Sales return (P50,000 was refunded) Sales discounts 200,000 increase 300,000 increase 80,000 20,000 Purchase returns (P30,000 was refunded) 80,000 Purchase discount 35,000 Accounts written-off 60,000 Recovery of accounts written-off 18,000 Cash sales 300,000 Cash purchases 250,000 1,500,000 Cash received from account customers Cash payment to trade creditors 1,200,000 a. What is the amount of gross sales?

16. Percy Company id engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable 370,000 increase Notes receivable 200,000 decrease Accounts payable 150,000 decrease Notes payable-trade Notes payable-bank Sales return (P50,000 was refunded) Sales discounts 200,000 increase 300,000 increase 80,000 20,000 Purchase returns (P30,000 was refunded) 80,000 Purchase discount 35,000 Accounts written-off 60,000 Recovery of accounts written-off 18,000 Cash sales 300,000 Cash purchases 250,000 1,500,000 Cash received from account customers Cash payment to trade creditors 1,200,000 a. What is the amount of gross sales?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...
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16. Percy Company id engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable 370,000 increase Notes receivable 200,000 decrease Accounts payable 150,000 decrease Notes payable-trade 200,000 increase Notes payable-bank Sales return (P50,000 was refunded) Sales discounts 300,000 increase 80,000 20,000 Purchase returns (P30,000 was refunded) 80,000 Purchase discount 35,000 Accounts written-off 60,000 Recovery of accounts written-off 18,000 Cash sales 300,000 Cash purchases Cash received from account customers 250,000 1,500,000 Cash payment to trade creditors 1,200,000 а. What is the amount of gross sales?
Transcribed Image Text:16. Percy Company id engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable 370,000 increase Notes receivable 200,000 decrease Accounts payable 150,000 decrease Notes payable-trade 200,000 increase Notes payable-bank Sales return (P50,000 was refunded) Sales discounts 300,000 increase 80,000 20,000 Purchase returns (P30,000 was refunded) 80,000 Purchase discount 35,000 Accounts written-off 60,000 Recovery of accounts written-off 18,000 Cash sales 300,000 Cash purchases Cash received from account customers 250,000 1,500,000 Cash payment to trade creditors 1,200,000 а. What is the amount of gross sales?
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