6. Collected in full the account of Ms. Brigette Almario, P75,000. - 2 - 7. Paid freight on purchases of Merchandise, P 5,000. 8. Paid freight on sale of Merchandise, P 5,000. 9. Bought merchandise for cash and Received a 5% trade discount, P 20,000. 10. Sold Merchandise for cash and Gave a 2% trade discount, P 50,000.

6. Collected in full the account of Ms. Brigette Almario, P75,000. - 2 - 7. Paid freight on purchases of Merchandise, P 5,000. 8. Paid freight on sale of Merchandise, P 5,000. 9. Bought merchandise for cash and Received a 5% trade discount, P 20,000. 10. Sold Merchandise for cash and Gave a 2% trade discount, P 50,000.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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