5.1 On July 18, 2013, Philly Factory sold 20 units of goods to Dave Furniture for 8.000.000 (excluding 10% VAT). Dave received 2% discount for its prompt payment (via bank transfer). Prepare joural entries to record the sale. 5.2 On March 12, 2013, Admiral Electronics sold 20 fax machines to Cool Stuff Co. for 20.000.000 (excluding 10% VAT) on credit. Credit terms state that if Cool made the payment within 10 days, it will received 2% of discount. On March 15, Cool Stuff Co. had tranferred money to fully pay for the goods. Prepare journal entries to record the sale and the payment.

5.1 On July 18, 2013, Philly Factory sold 20 units of goods to Dave Furniture for 8.000.000 (excluding 10% VAT). Dave received 2% discount for its prompt payment (via bank transfer). Prepare joural entries to record the sale. 5.2 On March 12, 2013, Admiral Electronics sold 20 fax machines to Cool Stuff Co. for 20.000.000 (excluding 10% VAT) on credit. Credit terms state that if Cool made the payment within 10 days, it will received 2% of discount. On March 15, Cool Stuff Co. had tranferred money to fully pay for the goods. Prepare journal entries to record the sale and the payment.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 5P: A chain of appliance stores, APP Corporation, purchases inventory with a net price of 500,000 each...

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