Prepare the journal entries for buyer ivana co

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Reference no: EM132988502

Question: Prepare the journal entries for buyer Ivana Co. and seller Mona Co.

Ivana Co. bought merchandise on January 1, 2021 from Mona Co. costing P15,000; terms - less 20%, 20% down payment, balance 2/10, n/30. Two days after, P2,000 worth of merchandise was returned due to wrong specification. Ivana Co. paid the account on January 11, 2021.

Reference no: EM132988502

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