On March 19, 2022, FDN Company purchased merchandise from ABC Company for P90,000 invoice price, on terms 20% down payment before shipping, balance 3/15 n/30, FOB Destination Point. On March 22, FDN Company received a debit memo for merchandise purchased with manufacturing defect amounting to P5,000. The cost of shipping is P10,000. On March 22, FDN Company made partial payment of P40,000 and the remaining balance was paid in full on March 31. How much is the cash payment on March 31?

On March 19, 2022, FDN Company purchased merchandise from ABC Company for P90,000 invoice price, on terms 20% down payment before shipping, balance 3/15 n/30, FOB Destination Point. On March 22, FDN Company received a debit memo for merchandise purchased with manufacturing defect amounting to P5,000. The cost of shipping is P10,000. On March 22, FDN Company made partial payment of P40,000 and the remaining balance was paid in full on March 31. How much is the cash payment on March 31?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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