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Journal entries using gross method

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Reference no: EM132876559

Problem - Hard company engaged in the following transactions during the month of July:

July 1 sold merchandise to A Company for P50,000, 2/10,n/30.

July 2 Sold merchandise to B Company for P20,000, 2/30,n/30.

July 12 Received payment from B Company for the July 2 sale.

July 30 Received payment from A Company for the July 1 sale.

Required -

1. Journal entries using gross method.

2. Journal entries using net method.

3. Journal entries using PFRS 15.

Reference no: EM132876559

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