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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:S.A.Q 1.3
ACTIVITY 2: Entries for Sale of Goods
On January 3, 2020, a sale to customer Kim Taehyung was made. The list price of
the goods was P125,000. Trade discount is 4%. Credit terms are at 5/10, n/30. Cost of the
goods sold were 80% of the invoice price. On January 7, 2020, Taehyung returned some
goods with invoice price of P25,000. Cost of goods returned are still at 80%. On January 12,
2020, Taehyung settled his account.
On an Excel sheet, provide the entries for the foregoing sale in separate sheets for
the periodic and the perpetual methods.
Expert Solution
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- Nov. 1 Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $65 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise is $702. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $285 and cost $143; the items were not damaged and were returned to inventory.arrow_forwardhh.2arrow_forwardA " S Activity No. 4 A builder gets a trade discount of 1.25% and (3% -10days) on goods retailing for QR173,400. How much does he pay if paid after 12 days Activity No. 5 At September,5,2019 A builder gets a trade discount of 2.5% and (2/10) on goods retailing for QR550,000. How much does he pay if paid in Sep,15,2019? Activity No. 6 At 1/2/2021 A builder gets a trade discount of 2.25% and (3.5/8) on goods retailing for QR40,400. How much does he pay in 10/2/2021?arrow_forward
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