Assignment: Renz Aguhob Fireworks

Problem/Page No. 5/7-49

Illustration:
a b
List price 224,000 126,000
Less: Purchase Returns & Allow. 21,000 -
Net of returns and allowances 203,000 126,000
Less: trade discount 60,900 25,200
Invoice Amount 142,100 100,800
Less: cash discount 2,842 1,008
Net of cash discount 139,258 99,792
Freight charges 4,000
Total amount needed to settle 143,258 99,792

Purchases 142,100
Accounts Payable 142,100

Accounts Payable 142,100

Purchases Discount 2,842
Cash 139,258

Freight-In 4,000
Cash 4,000
c d e
90,000 41,000 357,000
7,000 9,000 24,000
83,000 32,000 333,000
8,000 66,600
83,000 24,000 266,400
1,660 7,992
81,340 24,000 258,408
2,000 1,000
83,340 25,000 258,408