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How much is the total net purchases to be recorded

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Reference no: EM133106908

Question - The following purchases were made by Bay Leaf Trading:

Purchase Date

Item

Amount

Date Paid

Term

1-Apr

Alcohol

500,000

10-Apr

2/15, n/30

5-Apr

Face Mask

350,000

30-Apr

1/10, n/30

8-Apr

Face Shield

400,000

23-Apr

3/15, n/30

Required -

Q1. How much is the total net purchases to be recorded by Bay Leaf using the gross method of accounting for discounts?

a. P1,224,500

b. P 1,228,000

c. 1,240,000

d. P1,250,000

Q2. How much is the total net purchases to be recorded by Bay Leaf using the net method of accounting for discounts?

a. P1,224,500

b. P1,228,000

c. P1,240,000

d. P1,250,000

Reference no: EM133106908

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