On January 1, 2021, Paul Corp sold merchandise with a list price of P100,000 to James on account. Paul allowed trade discounts of 20%, 10%, and 5%. Credit terms were 2/15, n/40 and the sale was made FOB shipping point. James paid P2,000 of delivery costs. On January 10, 2021, how much did Paul received from James as full payment?

On January 1, 2021, Paul Corp sold merchandise with a list price of P100,000 to James on account. Paul allowed trade discounts of 20%, 10%, and 5%. Credit terms were 2/15, n/40 and the sale was made FOB shipping point. James paid P2,000 of delivery costs. On January 10, 2021, how much did Paul received from James as full payment?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13Q: If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the...

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