FDN Trading undertook the following transactions for the month of November. Purchased merchandise for P80,000 less 5-5 on terms 1/10 n/30. The entity paid freight for P2,500 and returned defective goods worth P4,000. FDN Trading paid this account in full within the discount period. How much was the purchase discount?

Gross purchase = List price x (1 - trade discount rate) x (1 - trade discount rate) =…

Answered: FDN Trading undertook the following transactions for the month of November. Purchased merchandise for P80,000 less 5-5 on terms 1/10 n/30. The entity paid…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Market Efficiency

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FDN Trading undertook the following transactions for the month of November.
Purchased merchandise for P80,000 less 5-5 on terms 1/10 n/30. The entity paid
freight for P2,500 and returned defective goods worth P4,000. FDN Trading paid this
account in full within the discount period. How much was the purchase discount?

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