Reference no: EM132818033
Problem 1: The collection of a P5,000 account beyond the 2% discount period would result in a
a. credit to Accounts Receivable for P5,000.
6. credit to Cash for PS,000.
C. debit to Cash for P4,900.
d. debit to Sales Discounts for P100.
Problem 2: Assuming that net purchases was P00,000 during the year and that ending merchandise inventory was P20,000 1esS tnan the beginning merchandise inventory of P250,000, how much was cost of goods sold?
a. P1,130,000
b. P670,000
C. P920,000
d. P1,170,000
Problem 3: Goods totaling P50,000 were purchased February 2 with terms of 2/10, n/30. Returns of P10,000 were made on February 10. What discounts, if any, can be availed of if the invoice was paid on February 12?
a. None
b. P1,000
C. P800
d. P2000
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