On November 10, 2021, FDN Trading purchased goods for resale at a list price of P500,000 less 10-5 on terms 40% down payment, balance 2/10, n/30. On November 13, FDN issued a debit memo for defective merchandise purchased amounting to P10,500. The account was paid in full on November 30, 2021. How much is the amount to be recorded as Purchases on November 10, 2021?

On November 10, 2021, FDN Trading purchased goods for resale at a list price of P500,000 less 10-5 on terms 40% down payment, balance 2/10, n/30. On November 13, FDN issued a debit memo for defective merchandise purchased amounting to P10,500. The account was paid in full on November 30, 2021. How much is the amount to be recorded as Purchases on November 10, 2021?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 7DQ

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