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What is the amount of purchases to be recorded

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Question 1 - An entity purchases goods for P250,000 under a special credit period of 1 year. The seller normally sells goods for P220,000 with a credit period of one month or 5% discount for cash basis.

Required -

1. What is the amount of purchases to be recorded?

2. Prepare journal entries for transaction.

Question 2 - On July 1, 2021 Gerald Company borrowed P1,500,000 and issued a one-year note payable. The lender "discounted the note at 8%".

Required -

1. What is the initial measurement of the notes payable?

2. Prepare journal entries for 2021 and 2022.

Reference no: EM133066325

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