Solution-Give adjustment assuming jefferson uses the net

Give adjustment assuming jefferson uses the net method

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Reference no: EM132974239

The following transactions were completed by Jefferson Corporation during December 2019:

Dec 16 Purchased merchandise from Intel Company, P66,000, terms 2/10, n/30; FOB Shipping point. Intel Company paid freight of P1,400.

Dec 19 Received goods from Celeron Corporation, P72,000; terms: 3/10, 2/15, n/30.

Dec 26 Paid the account with Intel Company in full.

Dec 31 Paid the account with Celeron Corporation in full.

Required

Question 1. Record the foregoing transactions in the books of Jefferson Corporation using the

a. Gross method of recording purchases

b. Net method of recording purchases

Question 2. Give the necessary adjustment on December 31 assuming Jefferson uses the net method and the account with Celeron is still unpaid as of December 31.

Reference no: EM132974239

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Give adjustment assuming jefferson uses the net method

Reference no: EM132974239

Reference no: EM132974239

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