NAME: _______________________________________________ DATE: _________________ SCORE: ____________

TEST I TEST II TEST III

a. a. 1.
b. b. 2.
c. c. 3. a.
d. d. 3. b.
e. e. 4.
f. f. 5.
g. g. 6. a.
h. h. 6. b.
I I
j. j.
k. k.
l. l.

Test I:

Requirement: Fill in the lettered blanks to complete the cost of goods sold sections.

Test II:

Requirement: Fill in the lettered blanks to complete the income statement.

Test III:
On July 10, 2019, Jobs purchased an inventory with a list price of P1,200,000. The terms of the purchase is 20%, 5%,
4/15, n/30.

1. Assuming that the purchase is recorded using gross method, and 60% of the credit was paid on July 20, 2019,
what is the purchase discount to be recorded?
2. Assuming that the purchase is recorded using the net method, and 70% of the credit was paid on July 30,
2019, what is the amount of cash paid?
3. Assuming that the purchase is recorded using the net method, and 70% was paid within the discount period
and the remainder was paid after the discount period:
a. what is the amount of purchases recorded?
b. what us the purchase discount lost, if any?
On August 1, 2019, Silang sold on account at an invoice price of P450,000 merchandise to Black. The terms of the
sale is 20%, 10%, 2/15, n/30.
4. Assuming that Silang records the sale using the net method and 60% of the accounts had been collected,
Silang received the remainder on August 20, 2019. What is the amount of cash received?
5. Assuming that Silang received 30% payment of Black after the discount period. What is the amount of sales
discount forfeited assuming net method is used in recording the credit sale?
6. Assuming that Silang records the credit sale at gross, and the whole account was paid by Black within the
discount period,
a. what is the amount of sale recorded in the books
b. what is the amount of sales discount?