A sale on March 21 with terms of n/10 eom is due to be collected by

a. March 31

b. April 1

c. April 10

d. April 30

Under the periodic inventory system, the entry to record a purchase of P60,000, with terms of 2/10, n/30 would include a

a. Debit to accounts payable for P58,800

b. Credit to purchases for P60,000

c. Credit to accounts payable for P60,000

d. Debit to purchase discounts for P1,200

A P5,000 purchases on account was made. The entry to record the payment on account after the expiration of the 2% discount period would include a

a. Debit to accounts payable for P5,000

b. Debit to purchase discounts for P100

c. Credit to cash for P4,900

d. Credit to accounts payable for P4,900