is the amount of the gross sales? A. 1,780,000 B. 2,062,000 C. 2,080,000 D. 2,130,000 Transcribed Image Text: Percy Company is engaged in a small export business. The company maintains

is the amount of the gross sales? A. 1,780,000 B. 2,062,000 C. 2,080,000 D. 2,130,000 Transcribed Image Text: Percy Company is engaged in a small export business. The company maintains limited
records. Most of the company’s transactions are summarized in a cash journal; non-
cash transactions are recorded by making memo entries. The following are abstracted
from the company’s records:
Accounts receivable – trade
370,000 increase
200,000 decrease
150,000 decrease
200,000 increase
300,000 increase
80,000
20,000
80,000
35,000
60,000
18,000
300,000
250,000
1,500,000
1,200,000
Notes receivable – trade
Accounts payable – trade
Notes payable – trade
Notes payable – bank
Sales returns (P50,000 was refunded)
Sales discounts
Purchase returns (P30,000 was refunded)
Purchase discounts
Accounts written off
Recovery of accounts previously written off
Cash sales
Cash purchases
Cash received from account customers
Cash payment to trade creditors

Do you need us to help you on this or any other assignment?


Make an Order Now
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.