Chart of Accounts Account Number Account Titles Cash Accounts Receivable Supplies Prepaid Advertising Merchandise Inventory 110 120 130 140 150 160 210 220 230 240 250 310 320 410 420 430 510 520 530 540 610 620 630 640 650 700 Service Vehicle Accounts Payable SSS Payable Pag-IBIG Payable Philhealth Payable Notes Payable Lopez, Capital Lopez, Drawings Sales Sales Returns and Allowances Sales Discount Purchases Freight In Purchase Returns and Allowances Purchase Discount Freight Out Salaries Expense Rent Expense Telephone Expense Miscellaneous Expense Income Summary

Cash Discount and Remittance calculations   For each of the following May Paz Abad Retailers purchases, assume that credit terms are 2/10, n/30 and that any credit memorandum was issued and known before Mary Paz Abad Retailers made the payments.         Prepaid    Purchases Shipping Terms Freight Credit a P 12,000 FOB shipping point (by seller) Memo b. 24,000 FOB destination P 1,000 P 3,000 c. 28,000 FOB shipping point 2,400 2,000 d. 40,000 FOB shipping point  4,000 Required: 1. Determine the cash discount available. 2. Determine the cash remitted if the payment is made within the discount period.

From the general​ journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate.   Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references.   Accounts Receivable Subsidiary Ledger   Henry Co.                                                     Lincoln Co.                                   Now post to the partial general ledger. Use transaction dates as posting references.   Partial General Ledger   Accounts Receivable 112                                                     Merchandise Inventory 142                                                     Sales 411                                                     Cost of Goods Sold 505

Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a.  If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b.  Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?