FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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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.
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