Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. Show your solutions. Trade Discount Purchases Invoice Date Mar 16 List Price 120,000 Payment Date Paid Mar 25 5%,5% 10%,5% Mar 19 90,000 Mar 29 Mar 22 180,000 5%,10%, 15% Apr 03

Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. Show your solutions. Trade Discount Purchases Invoice Date Mar 16 List Price 120,000 Payment Date Paid Mar 25 5%,5% 10%,5% Mar 19 90,000 Mar 29 Mar 22 180,000 5%,10%, 15% Apr 03

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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