On June 1, 2020, ABC Company sold merchandise with a list price of P50,000 to XYZ Company on account. ABC Company allowed trade discounts of 30%, 20% and 10%. Credit terms were 2/15, n/40 and the sales was made FOB destination. XYZ paid P2,000 of delivery costs. On June 12, 2020, how much did ABC Company receive from XYZ as full payment? A. 24,696 B. 22,696 C. 25,200 D. 23,200
On June 1, 2020, ABC Company sold merchandise with a list price of P50,000 to XYZ Company on account. ABC Company allowed trade discounts of 30%, 20% and 10%. Credit terms were 2/15, n/40 and the sales was made FOB destination. XYZ paid P2,000 of delivery costs. On June 12, 2020, how much did ABC Company receive from XYZ as full payment? A. 24,696 B. 22,696 C. 25,200 D. 23,200
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....
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On June 1, 2020, ABC Company sold merchandise with a list price of P50,000 to XYZ Company on account. ABC Company allowed trade discounts of 30%, 20% and 10%. Credit terms were 2/15, n/40 and the sales was made FOB destination. XYZ paid P2,000 of delivery costs. On June 12, 2020, how much did ABC Company receive from XYZ as full payment?
A. 24,696
B. 22,696
C. 25,200
D. 23,200
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