Could you please help me to answer my assignment because I found difficulty. SAMPLE PROBLEM: COMPUTATION OF TRADE DISCOUNTS AND CASH DISCOUNTSOn July 1, 2020 JG Merchandising sold merchandise with a list price of P20,000.Complete the ff. table for each of the sales terms below by determining:(a) the amount recorded as a sale ; and(b) the actual amount collected when paid within the discount period.ApplicableTrade DiscountCredit TermsDate PaidAmountActual AmountRecorded as Collected within the(%)SalesDiscount Period(a)(b)1.5%2.5%, 3 %3.10%, 5%, 2%12%15%, 10%n/302/10, n/302/10,1/15,n/30 July 16, 20202/eom, n/45 July 31, 20202/10eom,n60 August 8, 2020July 30, 2020July 11, 202041

Trade discount is the discount which is received by the buyer of the goods on the purchase of goods…

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the amount recorded as a sale , and the actual amount collected when paid within the discount period.

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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Question

Could you please help me to answer my assignment because I found difficulty.

SAMPLE PROBLEM: COMPUTATION OF TRADE DISCOUNTS AND CASH DISCOUNTS
On July 1, 2020 JG Merchandising sold merchandise with a list price of P20,000.
Complete the ff. table for each of the sales terms below by determining:
(a) the amount recorded as a sale ; and
(b) the actual amount collected when paid within the discount period.
Applicable
Trade Discount
Credit Terms
Date Paid
Amount
Actual Amount
Recorded as Collected within the
(%)
Sales
Discount Period
(a)
(b)
1.5%
2.5%, 3 %
3.10%, 5%, 2%
12%
15%, 10%
n/30
2/10, n/30
2/10,1/15,n/30 July 16, 2020
2/eom, n/45 July 31, 2020
2/10eom,n60 August 8, 2020
July 30, 2020
July 11, 2020
41

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