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Problem 1 (Net Method of Recording Sales Transactions) Charles Company sells foods wholesale. On May 15. Charles sold 400 cases of beans to Robin Company

Problem 1 (Net Method of Recording Sales Transactions) Charles Company sells foods wholesale. On May 15. Charles sold 400 cases of beans to Robin Company at a total list price of P100,000. Charles allowed trade discounts of 20% and 10%. Furthermore, Charles gave credit terms of 2/10, n/30. Charles uses periodic inventory system and net method in recording cash discounts. On May 25, Robin Company paid Charles the full amount due. Question 1: Given these data, what is the entry to record the sale of beans on May 15? SOLUTION No. Account Names Credit Debit 70,560 1 70,560

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