TRADE DISCOUNTS & ALLOWANCES
Authored by Arzel Cinches
Other
12th Grade
Used 11+ times
AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
JUNE 5 - PURCHASED P30,000 OF MERCHANDISE ON ACCOUNT. TERMS: 2/10, n/30
DEBIT: Purchases P30,000
CREDIT: Purchase Discount P30,000
DEBIT: Purchases P30,000
CREDIT: Cash P30,000
DEBIT: Purchases P30,000
CREDIT: A/R P30,000
DEBIT: Purchases P30,000
CREDIT: A/P P30,000
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
JUNE 8 - RETURNED MERCHANDISE PURCHASED ON ACCOUNT ON JUNE 5, P5,000.
DEBIT: Purchases P30,000
CREDIT: PRA P30,000
DEBIT: Cash P5,000
CREDIT: PRA P5,000
DEBIT: A/P P5,000
CREDIT: PRA P5,000
DEBIT: PRA P5,000
CREDIT: SALES P5,000
3.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
JUNE 15 - PAID FOR PURCHASE OF JUNE 5, P30,000 WITH TERMS: 2/10, n/30 AND RETURNED MERCH. P5,000.
DEBIT: CASH P24,500
DEBIT: PURCHASE DISCOUNT P500
CREDIT: A/P P25,000
DEBIT: A/P P25,000
CREDIT: PURCHASE DISCOUNT P500
CREDIT: CASH P24,500
DEBIT: A/P P25,000
CREDIT: CASH P25,000
DEBIT: A/R P25,000
CREDIT: CASH P25,000
4.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
JUNE 18 - SOLD MERCHANDISE ON ACCOUNT, P27,000. TERMS: 1, n/30
DEBIT: CASH P27,000
CREDIT: SALES P27,000
DEBIT: A/R P27,000
CREDIT: SALES P27,000
DEBIT: A/R P26,730
CREDIT: SALES P26,730
DEBIT: CASH P26,730
DEBIT: SALES DISCOUNT P270
CREDIT: A/R P27,000
5.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
JUNE 21 - RECEIVED MERCHANDISE PURCHASED ON ACCOUNT ON JUNE 18, P3,000.
DEBIT: CASH P3,000
CREDIT: SRA P3,000
DEBIT: SRA P3,000
CREDIT: A/R P3,000
DEBIT: SRA P3,000
CREDIT: CASH P3,000
DEBIT: SRA P3,000
CREDIT: A/P P3,000
6.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
JUNE 22 - PURCHASED MERCHANDISE FOR CASH P5,000. FOB SHIPPING POINT, FREIGHT PREPAID P900.
DEBIT: CASH P5,000
CREDIT: PURCHASES P5,000
DEBIT: FREIGHT-IN P900
CREDIT: CASH P900
DEBIT: PURCHASES P5,000
CREDIT: CASH P5,000
DEBIT: FREIGHT-IN P900
CREDIT: CASH P900
DEBIT: PURCHASES P5,000
CREDIT: A/R P5,000
DEBIT: FREIGHT-OUT P900
CREDIT: A/R P900
DEBIT: PURCHASES P5,000
CREDIT: CASH P5,000
DEBIT: FREIGHT-IN P900
CREDIT: A/P P900
7.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
JUNE 28 - RECEIVED A FULL PAYMENT FROM JUNE 18, 27,000 WITH RETURNS OF P3,000. TERMS: 1, n/30
DEBIT: CASH P27,000
CREDIT: A/R P27,000
DEBIT: CASH P23,730
CREDIT: SALES P23,730
DEBIT: CASH P24,000
CREDIT: A/R P24,000
DEBIT: CASH P23,730
CREDIT: A/P P23,730
Answer explanation
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports
Continue with Google
Continue with Email
Continue with Classlink
Continue with Clever
or continue with
Microsoft
%20(1).png)
Apple
Others
Already have an account?
