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Prepare the journal entries for january payment

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Reference no: EM133188086

Question - Omron Company sold goods to Exxon Inc. on account on January 1, 20x5. The goods have a sales price of P1,220,000 (cost P1,000,000). The terms of the sale is n/30. If Exxon pays within 5 days, it will be entitled to a P20,000 discount. Past history indicates that the cash discount will be taken. Prepare the journal entries for

a) January 1, 20x5

b) January 31, 20x5-date of payment.

Reference no: EM133188086

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