Chapter 5, Problem 2.10C

DSWD purchased goods for distribution on account with list price amounting to P100,000. The supplier granted trade discounts of 20% and 10%, with credit terms of 5/10, n/30. Payment was made 15 days after the date of purchase. Compute the cost of purchased goods for distribution

Solve for the amount of discount and amount due.Invoice amt: $533.75Invoice date: Mar 7Terms: 2/10 - 20xGoods rec'd: Mar 9Date paid: Apr 6

On October 5, your company buys and receives inventory costing $5,400, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase.Prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the net method.

Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?

Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.

On October 5, your company buys and receives inventory costing $5,900, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase.Prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the gross method.

eBook   Show Me How Question Content Area Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar.   Merchandise FreightPaid by Seller Freight Terms Credit forRefunds andAllowances a. $5,850 $100 FOB shipping point, 2/10, n/30 $1,550         b. 2,800 500 FOB destination, 1/10, n/30 1,100

On June 1, 2023, AAA Company sold merchandise with an invoice price of 5,000,000 to a customer. The entity allowed trade discounts of 15%, and 10%. Credit terms were 3/10, n/30 and the sale was made FOB destination. AAA Company paid 100,000 of the delivery cost. a. Compute the total amount of purchases to be included on the buyer’s inventory in the determination of cost of goods available for sale if payment was made beyond the discount period.   b. What is the full amount received by AAA company if payment was made on June 11, 2023?

PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and (b) the last day of the credit period.