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net sales from the above transactions? 12. Silver Co. sold merchandise to Bronze Co. on account, P23,000, terms 2/15, net The Bronze Co. paid the invoice within the discount period. What is amount of memorandum for P2,500 for merchandise returned that originally cost P1,900. 45. The cost of the merchandise sold is P18,500. Silver Co. issued a credit a. P20,090 b. P20,500 C. P3,490 d. P23,000

net sales from the above transactions? 12. Silver Co. sold merchandise to Bronze Co. on account, P23,000, terms 2/15, net The Bronze Co. paid the invoice within the discount period. What is amount of memorandum for P2,500 for merchandise returned that originally cost P1,900. 45. The cost of the merchandise sold is P18,500. Silver Co. issued a credit a. P20,090 b. P20,500 C. P3,490 d. P23,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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12Silver Co. sold merchandise to Bronze Co. on account, P23,000, terms 2/15, net The Bronze Co. paid the invoice within the discount period. What is amount of memorandum for P2,500 for merchandise returned that originally cost P1,900. 45. The cost of the merchandise sold is P18,500. Silver Co. issued a credit at sales from the above transactions? a. P20,090 b. P20,500 C. P3,490 d. P23,000 a Merchandise is ordered on November 12; the merchandise is shipped hy rthe seller and the invoice is prepared, dated, and mailed by the seller on November 15: the merchandise is received by the buyer on November 17; the entry is made in the buyer's accounts on November 18. The credit period begins with what date? a. November 12 b. November 15 C. November 17 d. November 18
Transcribed Image Text:12Silver Co. sold merchandise to Bronze Co. on account, P23,000, terms 2/15, net The Bronze Co. paid the invoice within the discount period. What is amount of memorandum for P2,500 for merchandise returned that originally cost P1,900. 45. The cost of the merchandise sold is P18,500. Silver Co. issued a credit at sales from the above transactions? a. P20,090 b. P20,500 C. P3,490 d. P23,000 a Merchandise is ordered on November 12; the merchandise is shipped hy rthe seller and the invoice is prepared, dated, and mailed by the seller on November 15: the merchandise is received by the buyer on November 17; the entry is made in the buyer's accounts on November 18. The credit period begins with what date? a. November 12 b. November 15 C. November 17 d. November 18
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