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The capital accounts of Earth Co. on January 1, 2021 are as follows: 5% Preference share capital, P100 par, 50,000 shares P5,000,000 Preference share premium 250,000 Ordinary share capital, P20 par, 250,000 shares authorized 3,000,000 Ordinary share premium 750,000 Retained earnings 1,500,000 The following transactions affected the transactions affected the shareholders' equity of the statement of financial position during 2021: Reacquired 5,000 ordinary shares at P16 Issued 500 ordinary shares in settlement of a liability of P12,500 Declared the regular dividends on preference shares and a cash dividend of P2.00 per share on ordinary shares Reissued 2,000 treasury shares in exchange for land valued at P50,000 The ordinary shares were split two for one Reported net profit of P200,000 for the year. After the share split, the number of ordinary shares issued and outstanding will be 147,500 shares 376,000 shares O 381,000 shares 295,000 shares Question 30 1 pts On November 10 of the current year, Flores Mills sold carpet to a customer for P8,000 with credit terms 2/10, n/30. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date? DR. Cash DR. Sales discounts CR. Accounts receivable CR. Sales 8,000 160 8,000 160 DR. Cash DR. Sales discounts CR. Accounts receivable 7,840 160 8,000 O DR. Cash CR. Accounts receivable 7,840 7,840 DR. Cash DR. Sales returns and allowances CR. Accounts receivable 7,840 160 8,000 avid Hardware Company uses a perpetual inventory system. How should David record the sale of merchandise account for P960? David places a 20% mark-up on cost for all of its merchandise sales. 960 960 DR. Accounts receivable CR. Sales DR. Cost of goods sold CR. Merchandise Inventory 800 800 960 O DR. Accounts receivable CR. Sales 960 960 960 O DR. Accounts receivable CR. Sales DR. Cost of goods sold CR. Merchandise Inventory 768 768 960 DR. Accounts receivable CR. Sales 800 160 CR. Gain on sale Question 28 1 pts IRH Co. recorded the sale at P6,000. If the sale was subject to a 20% trade discount and credit terms of 5/10, n/60, the list price was: O P7,500 O P7,700 P4,800 OP4,500