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?
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?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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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