Reference no: EM132640538
Problem 1 - On December 20, 2019, Asahi, Inc. purchased merchandise for P125,000, 20% trade discount, with credit terms 3/10, 2/15, n/31, FOB-SP. The vendor prepaid the P5,000 freight.
Asahi paid the account in full on December 29, 2019.
Problem 2 - On December 15, 2019, Asahi, Inc. purchased merchandise for P125,000, 20% trade discount, with credit terms 3/10, 2/15, n/31, FOB-SP. The vendor prepaid the P5,000 freight.
Asahi paid the account in full on December 29, 2019.
Problem 3 - On December 22, 2019, Asahi, Inc. purchased merchandise for P125,000, 20% trade discount, with credit terms 3/10, 2/15, n/31, FOB-SP. The vendor prepaid the P5,000 freight.
Asahi paid the account in full on January 3, 2020.
Required - Prepare the following journal entries for problems 1, 2, and 3:
1. Gross Method
2. Net Method
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: On December 22, 2019, Asahi, Inc. purchased merchandise for P125,000, 20% trade discount, Prepare the Net Method journal entries
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