Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6 points On March 1, the company purchased merchandise from Ana Trading for P100.000 less 10-5-3non terms 2/10 n/30 with a downpayment of P20,000. Delivery

image text in transcribed

6 points On March 1, the company purchased merchandise from Ana Trading for P100.000 less 10-5-3non terms 2/10 n/30 with a downpayment of P20,000. Delivery cost of P1,000 was also paid. Determine the journal entries for this transaction. Given are the appropriate accounts and amounts for the journal entries. just identify if the account must be a debited or credited. Debit Credit Purchases. 82,935 Accounts payable 20,000 Cash 1000 Accounts Payable 82,935 Cash. 20,000 Freight In 1000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

World Class Internal Audit Tales From My Journey

Authors: Norman Marks

1st Edition

1500791962, 978-1500791964

More Books

Students also viewed these Accounting questions

Question

How can a virtual organization reduce costs?

Answered: 1 week ago