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What is the total gross purchases for december

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Reference no: EM133007085

PC Company is engaged in small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non-cash transactions are recorded by making memorandum entries.

The following are extracted from the company's records:

Accounts receivable ? 370,000.00 increase

Notes receivable 200,000.00  decrease

Accounts payable 150,000.00 decrease

Notes payable - trade 200,000.00  increase

Notes payable bank 300,000.00 increase

Sales returns 30,000.00

Sales discounts 20,000.00

Purchase returns 50,000.00

Purchase discounts 35,000.00

Accounts written-off 60,000.00

Recovery of accounts written off 18,000.00

Cash sales 300,000.00

Cash purchases 250,000.00

Cash received from account customers 1,500,000.00

Cash payment to trade creditors 1,200,000.00

REQUIRED:

Problem 1: What is the total gross sales for December 31, 2020?

Problem 2: What is the total gross purchases for December 31, 2020?

Reference no: EM133007085

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