On January 1,2021, Wackisan Co. sells inventory with list price of ₱100,000 on account under credit terms of 15%, 20%, 3/10, n/30. Based on the above data, answer the following: 1. Under the gross method, how much should be debited to Accounts receivable on January 1,2021? a. ₱100,000 c. ₱68,000 b. ₱85,000 d. ₱65,960 2. Under the net method, how much should be debited to Accounts receivable on January 1,2021? a. ₱100,000 c. ₱68,000 b. ₱85,000 d. ₱65,960
On January 1,2021, Wackisan Co. sells inventory with list price of ₱100,000 on account under credit terms of 15%, 20%, 3/10, n/30. Based on the above data, answer the following: 1. Under the gross method, how much should be debited to Accounts receivable on January 1,2021? a. ₱100,000 c. ₱68,000 b. ₱85,000 d. ₱65,960 2. Under the net method, how much should be debited to Accounts receivable on January 1,2021? a. ₱100,000 c. ₱68,000 b. ₱85,000 d. ₱65,960
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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On January 1,2021, Wackisan Co. sells inventory with list price of ₱100,000 on account under credit terms of 15%, 20%, 3/10, n/30.
Based on the above data, answer the following:
1. Under the gross method, how much should be debited to Accounts receivable on January 1,2021?
a. ₱100,000 c. ₱68,000
b. ₱85,000 d. ₱65,960
2. Under the net method, how much should be debited to Accounts receivable on January 1,2021?
a. ₱100,000 c. ₱68,000
b. ₱85,000 d. ₱65,960
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