ABC had Accounts Receivable of P150,000 at December 1, 2023. The following transactions occurred during December of 2023: December 5-A customer paid P90,000 worth of receivables. December 10- Sold P350,000 worth of goods to XYZ for P500,000 receiving 60% of the bill in cash and the rest to be received at a later time. The terms of the sale is 2/10, n/30. December 15-XYZ returned P35,000 worth of goods which were billed for P50,000. December 20-XYZ paid the remaining balance. How much was debited/credited to Sales Return and Allowances on December 15? (positive if debited and negative if credited)

ABC had Accounts Receivable of P150,000 at December 1, 2023. The following transactions occurred during December of 2023: December 5-A customer paid P90,000 worth of receivables. December 10- Sold P350,000 worth of goods to XYZ for P500,000 receiving 60% of the bill in cash and the rest to be received at a later time. The terms of the sale is 2/10, n/30. December 15-XYZ returned P35,000 worth of goods which were billed for P50,000. December 20-XYZ paid the remaining balance. How much was debited/credited to Sales Return and Allowances on December 15? (positive if debited and negative if credited)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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