Sorry just want to edit; it's actually an accounting subject.

3. How much is purchase discounts? Ans. 4. How much is Input tax to be credited on purchase discounts? 5. How much cash you should pay to Tacloban Department Store? Compute the following: (VAT is billed separately) A) Bought merchandise on account from Tacloban Department Store costing P30,000. Term: 2/10, n/30. Returned P4,000 or merchandise to Tacloban Department Store. Payment is within the discount period. 1. How much is Input Tax on purchases? Ans. 2. How much is Input Tax to be credited on merchandise returned? Ans. Ans. Ans. B) Sold merchandise on account to Surigao Supermarket amounting to P50,000. Term: 2/10, n/30. Received P5,000 worth of merchandise returned by Surigao Supermarket. Collection is How much is Output Tax to be debited on the merchandise returned by the customer? Ans. within the discount period. 1. How much is Output Tax on sales? Ans. 3. How much is Sales Discounts? Ans. 4. How much is Output Tax to be debited on Sales Discounts? Ans. How much is cash you should collect from Surigao Supermarket? Ans. Make debit and credit entries on the following selected transactions of Tropical Celfone House, owned and managed by Mr. June Lambo CPA. (12% VAT is billed separately) 1. Bought merchandise on account from Nelson Palete Co., P60,000. Term: 5% - 30 days. 2. Returned P5,000 cost of merchandise to Nelson Palete Co.. 3. Paid the account with Nelson Palete Co., availing the 5% discount. Sold merchandise on account to Charito Bonghanoy Supermarket, P80,000. Term: 2/10, n/30. Received P10,000 worth of merchandise returned by Charito Bonghanoy Supermarket and issued our credit memo. 6. Collected in full the account of Charito Bonghanoy at a discount. 7. Close the VAT Input and Output and set-up the VAT Payable. 8. Remit to the Bureau of Internal Revenue the VAT Payable. Follow this suggested format below: Debit Entry Transaction No. Credit Entry 1. 2. 3. 4. 5. 6. 7. 8