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How much was recorded to purchase discounts lost on january

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Llamas Co. sold goods with an invoice price of P5,400,000 on January 1, 2020. Trade discounts were 20% and 10%. Terms were 5/15, n/45. Customer made a down payment equal to 30% of the list price. The remaining balance was paid on January 31, 2020. Llamas uses the net method.

Problem 1: How much were total trade discounts?

Problem 2: How much is recorded by Llamas Co. to Sales on January 1, 2020?

Problem 3: How much accounts receivable was recorded on January 1, 2020?

Problem 4: How much was recorded to Purchase Discounts Lost on January 31, 2020?

Reference no: EM132675157

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