Phil Appliance Store purchased appliances worth P200,000 and got a trade discount of P4,000. The accountant should A. Debit the purchases for P200,000 B. Debit the purchases for P196,000 C. Debit the purchase discount for P4,000 and debit purchases for P196,000 D. Debit the purchase discount for P4,000 and debit the accounts payable for P196,000

Phil Appliance Store purchased appliances worth P200,000 and got a trade discount of P4,000. The accountant should A. Debit the purchases for P200,000 B. Debit the purchases for P196,000 C. Debit the purchase discount for P4,000 and debit purchases for P196,000 D. Debit the purchase discount for P4,000 and debit the accounts payable for P196,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...

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