Problem #2 On May 15, 2021, the Guzon Book Distributors acquired for resale books on account with a list price of P108,000. Butuan Publishing, the supplier, allowed a 15% trade discount as well as...


Problem #2<br>On May 15, 2021, the Guzon Book Distributors acquired for resale books on account<br>with a list price of P108,000. Butuan Publishing, the supplier, allowed a 15% trade<br>discount as well as credit terms of 2/10, n/30. Guzon paid the invoice in full on May 20,<br>2021.<br>Required:<br>Prepare the journal entries for Guzon Book Distributors.<br>

Extracted text: Problem #2 On May 15, 2021, the Guzon Book Distributors acquired for resale books on account with a list price of P108,000. Butuan Publishing, the supplier, allowed a 15% trade discount as well as credit terms of 2/10, n/30. Guzon paid the invoice in full on May 20, 2021. Required: Prepare the journal entries for Guzon Book Distributors.

Jun 11, 2022
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