Problem 4-5 (IAA) On June 15, 2019, Romela Company sold 100 air conditioning units. The sale price for each unit is P45,000. All of sales are subject to terms 2/10, n30. The entity used the gross method of accounting for accounts receivable. Required: 1. Prepare journal entry to record the sale. 2. Prepare journal entry to record receipt of the payment assuming the correct amount was received on June 25, 2019. 3. Prepare the journal entry to record receipt of the payment assuming the correct amount was received on July 10, 2019.

Problem 4-5 (IAA) On June 15, 2019, Romela Company sold 100 air conditioning units. The sale price for each unit is P45,000. All of sales are subject to terms 2/10, n30. The entity used the gross method of accounting for accounts receivable. Required: 1. Prepare journal entry to record the sale. 2. Prepare journal entry to record receipt of the payment assuming the correct amount was received on June 25, 2019. 3. Prepare the journal entry to record receipt of the payment assuming the correct amount was received on July 10, 2019.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question 3. Define what is Riba & describe two types of Riba with example for each.
Sh16
Question 25 Case studies are usually descriptive in nature. O True O False
List 5 principals of internal control
Q4. What is the meaning of: b. n/eom:
what are the solutions for questions 4 & 5?
5
Could you please answer question 4 and 5?
But why? for number 3
How do I solve this
need help with question 6
how do you get the last part? (number 5)