On June 1, 2019 Ela Company sold merchandise with a list price of P1,000,000 to XYZ Company. Ela allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30 and the sale was made FOB shipping point. Ela prepaid P50,000 of delivery cost for XYZ as an accommodation. On June 11, 2019, Ela received from XYZ full remittance of? Choices: P734,000 P770,000 P684,000 P720,000

On June 1, 2019 Ela Company sold merchandise with a list price of P1,000,000 to XYZ Company. Ela allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30 and the sale was made FOB shipping point. Ela prepaid P50,000 of delivery cost for XYZ as an accommodation. On June 11, 2019, Ela received from XYZ full remittance of? Choices: P734,000 P770,000 P684,000 P720,000

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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