Reference no: EM132818029
Problem 1: Which of the following is not considered in computing net cost of purchases
a. Purchases
b. Purchases returns and allowances
C. Transportation paid on goods shipped to customers
d. Transportation paid on purchased goods
Problem 2: The entry to record a sale of P7,500 with terms of 2/10, n/30 would include a
a. credit to Accounts Receivable for P7,500.
b. credit to Sales for P7,500.
C. debit to Sales Discounts for P150.
d. debit to Sales for P7,350.
Problem 3: The collection of a P4,000 account within the 2% discount period would result in a
a. credit to Accounts Receivable for P3,920.
b. credit to Cash for P3,920.
C. debit to Accounts Receivable for P3,920.
d. debit to Sales Discounts for P80.
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What discounts can be availed of if the invoice was paid
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