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The CALDAZA Co. uses the net price method of amounting for cash discounts. In one of its transactions on December 25, CALDAZA sold merchandise with a list price of P 500 000 to a client who was given a trade discount of 20% and 15%. Credit terms were 2/10, n30. The goods were shipped FOB destination, freight collect. On December 20, the client returned damaged goods originally billed at P 60 000. Total freight charges paid by the buyer amounted to P 7 500. Problem 1: Write the journal entries related to the transactions above using Gross and Net Methods?
Problem 2: What is the net realizable value of this receivable on December 31 using Gross Method?
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