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For each of the following situations, compute for the amount of discount and the payment made: PURCHASE DATE Aug. 10 LIST PRICE P40,000 Sept.
For each of the following situations, compute for the amount of discount and the payment made: PURCHASE DATE Aug. 10 LIST PRICE P40,000 Sept. 8 P10,000 TERMS P5,000 down, balance 2/10n n/30, FOB Shipping Point, P1,000 freight prepaid 2/10, n/30, FOB Shipping Point, P500 freight collect (goods received after 3 days) PAYMENT DATE ACCOUNT 50% Balance Aug. 10 Aug. 15 In full Sept. 18 Oct. 1 P8,000 2/10, 1/15, n/30, FOB Destination, P600 freight prepaid 60% Balance Oct. 14 Oct. 17 Nov. 1 P6,000 2/10 eom, n/60 FOB destination, P500 freight prepaid In full Dec. 5
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Discount and Payment Calculations for Each Situation Scenario 1 August 10th Purchase List Price P40000 Terms P5000 down payment balance 210 net 30 FOB ...
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
