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Angeles Co. purchased goods amounting to P1,717,000 on February 1, 2020. Terms were 2/10, n/30. Angeles paid the whole amount on February 7, 2020. Come February 14, Angeles returned 20% of the purchased goods due to defectivity.
Problem 1.) How much cash was received by Angeles Co. on February 14?
Problem 2.) How much Purchase returns & allowances were recorded by Angeles Co. on February 14, 2020?
Problem 3.) How much are remaining Purchase discounts on the books of Angeles Co. after February 14, 2020?
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