III

1. Irra company sold merchandist at a list price of P1,000,000, less 20-10-10, FOB shipping point, 2/10, n/30. What amount of sales will be recorded by Irra?
2. Eva company purchased goods with a list price of P2,000,000 less 35, FOB shipping point, 2/10, n/30. What amount of cash will be paid by Eva if payment is made within the discount period?
3. Internal company sold merchandise for P800,000 at a gross profit rate of 20% of sales. Under the perpetual inventory system, what entry will be prepared to record the transaction?
4. Myrene company purchase merchandise at an invoice price of P9,500,000, terms 2/10, n/30. At what amount will purchases be recorded under the net method?
5. External company sold merchandise for P1,200,000 at a gross profit rate of 25% of cost. Under the perpetual inventory system, what entry will be prepared to record the transaction?
6. Myra company purchase merchandise at an invoice price of P19,000 terms 2/10, n/30. What is the entry to record the payment if made beyond the discount period?
7. At year end, the balance of inventory per record amounted to P620,000 but Physical count revealed P590,000. What entry will be prepared to recognize inventory end under the perpetual inventory system?
8. Myself company purchase merchandise at an invoice price of P2,375,000, terms 2/10, n/30. Freight paid amounted to P125,000. On December 31, one fifth of the merchandise remains on hand. Under the net method, how much is inventory, end?
9. Cash payment on purchases made on account amounted to P3,234,000 which was paid within the discount period, what entry will be prepared by the company under the net method? (the terms was 2/10, n/30)
10. Myself company purchase merchandise at an invoice price of P2,375,000, terms 2/10, n/30. Freight paid amounted to P125,000. On December 31, one fifth of the merchandise remains on hand. Under gross method, how much is cost of sales?
11. Payment of accounts payable amounted to 980,000 which was paid within the discount period, what entry will be prepared by the company under the gross method? (terms was 2/10, n/30)
12. Elaine company purchased merchandise with a list price of P2,000,000. Elaine company allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30 and sale was made FOB destination. Elaine company paid P100,000 of delivery cost for the customer as an accommodation. What amount will be paid by Elaine (within the discount period)?
13. Eliza company purchased merchandise with a list price of P3,000,000. Elaine company allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30 and sale was made FOB shipping point. Elaine company P300,000 of delivery cost for the customer as an accommodation. What amount will be paid by Elaine (within the discount period)?
14. On June 1, 2010 Ella company sold merchandise with a list price of P6,000,000 to a customer. Ella company allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30 and the sale was made FOB shipping point. Ella company prepaid P300,000 of delivery cost for the customer as an accommodation. On June 11, 2010, how much is received by Ella company from the customer as full remittance?