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First Company sold merchandise on credit to Second Company for P1,000 on July 1, with term of 2/10, net/30. On July 6, Second returned P200 worth of merchandise claiming the materials were defective. On July 8, First received a payment from Second and credited Accounts receivable for P450. On July 24, Second Company paid the remaining balance on its account.
Problem 1. How much was the Sales Discount given to Second during July?
Problem 2. What was the total cash received from Second during July?
Prepare a variance summary, and briefly comment on variances that should be investigated.
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