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Wise Company, a VAT registered company, sold merchandise totaling P90 000 ( 12% VAT exclusive) under FOB shipping point, freight prepaid: n/30 Lanvin paid transportation cost of P11. 250 to a common carrier company. Customer paid its account in full within the credit penod. How much cash was collected from the customer

Wise Company, a VAT registered company, sold merchandise totaling P90 000 ( 12% VAT exclusive) under FOB shipping point, freight prepaid: n/30 Lanvin paid transportation cost of P11. 250 to a common carrier company. Customer paid its account in full within the credit penod. How much cash was collected from the customer

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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Wise Company, a VAT registered company, sold merchandise totaling P90 000 ( 12% VAT exclusive) under FOB shipping point, freight prepaid: n/30 Lanvin paid transportation cost of P11. 250 to a common carrier company. Customer paid its account in full within the credit penod. How much cash was collected from the customer? 2. The total debit and credit balances of an Income Statement in the worksheet is P451.700 and P715.500 The omitted adjustment was debit Uneamed Rent and credit Rent Revenue of P7.500. What is the corrected balance of Net Income? * 3.The worksheet at the end of October has P4000 in the Trial Balance credit column for Accumulated Depreciation and has P4 750 in the Balance Sheet credit column for Accumulated Depreciation What was the amount of the Depreciation expense adjustment for the month of October?
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