Reference no: EM132923662

Questions -

Q1) Goods costing P48,000 were sold on account to a customer with 2/10, n/30 credit terms. 5 days after the sale, the customer returned goods amounting to P8,000. On the 10th day after the sale, the company received the payment from the customer.

A) What is the amount debited to cash on the date of collections?

B) What is the amount debited to accounts receivable on the date of the sale?

C) What is the amount debited to sales returns and allowances on the date of returns?

Q2) What amount would be debited to cash when a company on April 27 collected the payment for the sale of P22,400 (VAT Inclusive) made on April 15 with the term 2/10, 1/15, n/30."

Q3) A customer purchased a product that has a catalog price of P100,000. The terms of the purchase was 10%, 20%, 1/10, n/45. What amount is debited to merchandise inventory if the company uses a perpetual inventory system and that the purchase in exclusive of VAT?

Q4) A customer purchased a product that has a catalog price of P100,000. The terms of the purchase was 10%, 20%, 1/10, n/45. What amount is debited to input tax if the company uses a perpetual inventory system and that the purchase in exclusive of VAT?