No.

1 a Sales 84,000
b Cash Received 82,320

Solution
a List Price 120,000
Multiply by trade discount 30%
Total 36,000
Less 120,000
Sales 84,000

b Cash 82,320
Sales Discount (84,000x2%) 1,680
Accounts Receivable 84,000

2 a Cash Discount 1,900

b Cash Remitted 93,100

Solution
a Purchases Deduct CM Purchases multiply by 2%
a. 12,000 3,000 9,000 180
b. 24,000 2,000 22,000 440
c. 28,000 4,000 24,000 480
d. 40,000 40,000 800
1900 Cash Discounts
b Purchases Deduct Cash
9,000 180 8,820
22,000 440 21,560
24,000 480 23,520
40,000 800 39,200
93,100 Cash Remitted
 Problem # 3
Jefferson Triguero Distributors
Journal Entries

Date Account Titles Debit Credit

June 1 Cash 180,000
Sales 180,000
To record cash sales

4 Accounts Receivable 650,000

Sales 650,000
To record sales on credit,
2/10, n/30

7 Sales Returns and Allowances 90,000

Accounts Receivable 90,000
To record returns

10 Cash 548,800
Sales Discounts(560,000 x 2%) 11,200
Accounts Receivable(650,000-90,000) 560,000
To record collections

Problem # 4
Beatriz Abella Curtains
Journal Entries

Date
June 8 Accounts Receivable 16,000
Sales 16,000
terms; 2/10, n/30

12 Sales Returns and Allowances 4,000

Accounts Receivable 4,000
To record returns from June 8 sales.

18 Cash 11,760
Sales Discount 240
Accounts Receivable 12,000
To record collection from June 8 sales.

Problem # 5
Jackylou Murillo Pharmacy
Journal Entries

Date
Oct 5 Purchases 200,000
 Cash 200,000

12 Purchases 700,000
Accounts Payable 700,000

15 Accounts Payable 50,000

Purchases Returns and Allowances 50,000

17 Accounts Payable 650,000

Purchases Discount 19,500
Cash 630,500

19 Freight In 7,000
Cash 7,000

Problem # 6
Winter Company

Company A Company B
List price 500,000 List Price 500,000
Less: 20% 100,000 Less: 35% 175,000
Balance 400,000 Balance 325,000
Less: 10% 40,000 Discount 6,500
Balance 360,000 Invoice 318,500
Less: 10% 36,000
Balance 324,000
Discount 6,480
Invoice 317,520

Problem # 7
Torbio Cayanan Tires
For the month of June

June 2 Purchases 600,000

Accounts Payable 600,000
To record purchases; 1/10, n/45
(1,000 x 600)

4 Freight In 8,000
Cash 8,000
To record freight charges.

5 Purchases 600,000
Accounts Payable 600,000
To record purchases; 2/10, n/30
(600 x 600)
 6 Freight In 5,000
Cash 5,000
To record freight charges.

7 Accounts Payable 150

Purchases Returns and Allowances 150
To record returns from June 2 sales.

11 Accounts Payable 599,850

Purchases Discount (599,850 x 1%) 5,998.50
Cash 593,851.50
To record payment for June 2.

13 Accounts Receivable 630,000

Sales 630,000
To record sales on credit; 1/10, n/30

22 Cash 623,700
Sales Discount (630,000 x 1%) 6,300
Accounts Receivable 630,000
To record collection from June 13.

30 Accounts Payable 600,000

Purchases Discount 12,000
Cash 588,000
To record payment for June 5.

Problem # 8
Lenore Loqueque Homewares

Oct 7 Accounts Receivable 30,000

Sales 30,000
To record sales on credit.

8 Purchases 60,000
Accounts Payable 60,000
To record purchases on credit.

9 Freight In 2,540
Cash 2,540
To record freight charges.

10 Purchases 90,000
Freight In 6,000
Accounts Payable 90,000
Cash 6,000
 14 Accounts Receivable 24,000
Sales 24,000
To record sales on credit.

14 Accounts Payable 6,000

Purchases Returns and Allowances 6,000
To record returns from Oct 8 purchases.

17 Cash 30,000
Accounts Receivable 30,000
To record collection from Oct 7,

19 Cash 18,000
Sales 18,000
To record sales.

20 Accounts Payable 90,000

Cash 90,000
To record payment for Oct 10.

21 Accounts Payable 54,000

Cash 54,000
To record payment for Oct 8 and 14.

24 Sales Returns and Allowances 2,000

Accounts Receivable 2,000
To record returns from Peblico Co.

Problem # 9
I a Purchases 35,000
Cash 35,000

b Purchases 45,000
Cash 45,000

II a Purchases 40,000
Accounts Payable 40,000
2/10, n/30

b Purchases 28,000
Accounts Payable 28,000
3/10, n/30

c Accounts Payable 40,000

Purchases Discount 8,000
Cash 39,200
 d Accounts Payable 28,000
Cash 28,000

Problem # 10
Kindness Company
List Price 900,000
Less: Trade Discount 20% 180,000
Balance 720,000
Less: Trade Discount 10% 72,000
Balance 648,000
Freight In 50,000
Purchases 698,000
 Ramos Distributors
For the month of May 2019

May 4 Accounts Receivable 162,000

Sales
To record sales on credit, 2/10, n/30.

5 Accounts Receivable 710,000

Sales
To record sales on credit, 2/10, n/30.

6 Freight Out 2,000

Cash
To record freight charges.

7 Sales Returns and Allowance 12,000

Accounts Receivable
To record returns from May 4 sale.

9 Cash 684,040
Sales Discount(x2%) 13,960
Accounts Receivable
To record collection from May 4 sale.

10 Freight Out 2,000

Cash
To record freight charges from May 4.

12 Cash 695,800
Sales Discount 14,200
Accounts Receivable
To record collection from May 5 sale.

18 Accounts Receivable 150,000

Sales
To record sales on credit, 40% trade discount; 2/10, n/30.

21 Freight Out 3,000

 Cash
To record freight charges from May 18.

23 Cash 147,000
Sales Discount 3,000
Accounts Receivable
To record collection from May 18.
 Cammayo Retailers
For the month of May 2019

May 4 Purchases
162,000 Accounts Payable
To record purchases on credit, 2/10, n/30.

5 Purchases
710,000 Accounts Payable
To record purchases on credit, 2/10, n/30.

6 Freight In
2,000 Cash
To record freight charges.

7 Accounts Payable
12,000 Purchases Returns and Allowances
To record returns from May 4 purchases.

9 Accounts Payable
Purchases Discount
698,000 Cash
To record payment for May 4 purchases.

10 Freight In
2,000 Cash
To record freight charges.

12 Accounts Payable
Purchases Discount
710,000 Cash
To record payment for May 5 purchases.

18 Purchases
150,000 Accounts Payable
To record purchases on credit, 40% trade discount; 2/10, n/3

21 Freight In
 3,000 Cash
To record freight charges from May 18.

23 Accounts Payable
Purchases Discount
150,000 Cash
To record payment for May 18.
 162,000
162,000

710,000
710,000

2,000
2,000

12,000
12,000

698,000
13,960
684,040

2,000
2,000

710,000
14,200
695,800

150,000
150,000
discount; 2/10, n/30.

3,000
 3,000

150,000
3,000
147,000