Answered: subscription default assuming 1,500…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect. Amount of freight cost is P1,000. Assuming X Company issued a debit memorandum for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will be (On August 1, 2019, XZY Corporation received subscription for 7,000 shares of Ordinary Share Capital, P 100 par value, at P 110 per share. Received 10% down payment and the balance payable in 3 equal installments. The entry to record the subscription default assuming 1,500 shares out of the 7,000 shares were unable to pay the last installment will include

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