A. On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a Php120,000 list price. Trade Discounts Credit Terms Date Paid a. 30% 2/10, n/30 June 8 b. 40% 1/10, n/30 June 15 c. -  2/10, n/30 June 11 Required: For each of the sales terms, determine the following: a. The amount ofrecorded saleb. The amount ofcash received upon payment

Problem 12Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________.…

ABC has the following transactions during 2020:1. On March 1, 2020, ABC sold merchandise on account to Customer 1 for €7,750. ABCoffers a cash-discount of 2% if payment is made within 20 days of the sale. Otherwisethe full amount, net of returns and allowances, is due in 30 days.2. On March 10, 2020, Customer 1 returned merchandise worth €1,550 to ABC.1. 3.On March 15, 2020, Customer 1 paid for the merchandise.3. On April 1, 2020, ABC loaned €10,000 to XZ with a 1-year, 10% note.4. On November 1, 2020, received a €4,000, 6-month, 5% note in exchange for Customer’s2 outstanding accounts receivable.5. On December 16, 2020, sold merchandise to Customer 3, receiving a €4,500, 3-months,8% note.6. On December 31, 2020, the interest revenue accrued is recognized on all notesreceivable. a. Record the collection of note receivable as their mature in 2021.

QUESTION ONE At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of K750 per unit. Over the next three months, the company made the following purchases. Date Quantity Unit cost K 6 July 770 5 August 4 800 1 September 8. 850 14 September 6. 880 During that period, there were sales of 35 units, generating a total sales revenue of K38,500. REQUIRED: a) Prepare the stores ledger card for the materials in stock that record all material movements using: (i) FIFO method (ii) LIFO method b) Based on the work done in (a) above, determine the cost of sales and profit for three months to 30 September using FIFO and also based on LIFO. c) Compare the reported profit of the company in (b) above over the three months to 30 September based on the two methods (FIFO and LIFO) and comment on the results.

Problem 4-7 (IAA) Raven Company started business in March 2019. Sales for the first year totaled P4,000,000. The entity priced its merchandise to yield a 40% gross profit based on sales. Industry statistics suggest that 10% of the merchandise sold to customers will be returned. The entity estimated sales returns based on the industry average. During the year, customers returned goods with sale price of P300,000. Required: Prepare journal entries to record sales, sales returns and the year-end adjusting entry for. estimated sales returns.

Journalizing Sales and Purchase-Related Transactions Detoya Distributors and Naranjo Retailers engaged in the following transactions during the month of November 2020:   November     4 Detoya sold merchandise on account to Naranjo, P162,000.     Terms: FOB Destination; 2/10, n/30. Freight charges     amounted to P2,000.       5 Detoya sold merchandise on account to Naranjo, P710,000.     Terms: FOB Shipping pint; 2/10, n/30. Freight charges     amounted to P8,000.       6 Naranjo paid freight charges on the purchase of November 5.       7 Detoya received returned merchandise from Naranjo in the      amount of P12,000 from the November 4 sale.       9 Detoya received payment from Naranjo for the November 4.       10 Detoya paid the transportation charges on the November 4 shipment.       12 Detoya received payment from Naranjo for the November 5     transaction.       18 Detoya sold merchandise on account to Naranjo, P250,000.     Terms:…

Invoice amount of $28,700 on June 25 Partial Payment made on July 20th of 6,000 Return goods of $650 Terms are 4/20, 3/30, n/60 What is the net amount due if the company send a partial payment of $6000 on the 20th What is the net date? If the manufacturer charges a  4  1/2% late fee , What would the company owe if it did not pay the balance by the net date?  Round to the nearest cent.

Exercise 7-8 (Algo) Sales Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $390,000. During 2024, Halifax sold merchandise on account for $13,300,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $386,000 in sales for credit, with $213,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year…

ACTIVITY 5: Comprehensive Application Jungkook Enterprises made a sale of goods to Namjoon Enterprises on October 1, 2020. The list price of the goods is P150,000, with trade discounts of 4% and 5%, FOB Shipping Point. Credit terms are 5/15, n/30. Cost of the goods is 70% of the invoice price. Freight of P5,000 was paid by Namjoon. Namjoon returned goods with invoice price of P30,000 on October 9, 2020, still with the 70% cost. On October 11, 2020, Namjoon settled his account in full. In separate Excel sheets, record (a) Journal entries in Jungkook Enterprises' books under the periodic method Journal entries in Jungkook Enterprises' books under the perpetual method Journal entries in Namjoon Enterprises' books under the periodic method Journal entries in Namjoon Enterprises' books under the perpetual method