342 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballada NAME: SECTION: Problem #11 Transportation Costs SCORE: PROFESSOR: On June 16, 2020, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30 Shipping costs were P600. Pascual received the goods and llano's invoice on June 17 On June 24, Pascual sent the payment to llano, which llano received on June 25. Both The following are several llano and Pascual use the periodic inventory system. arrangements regarding the shipping costs: a. Shipping terms are F.O.B. shipping point, freight collect. Pascual paid the shipping costs on June 17 and remitted P5,880 on June 24. Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the payment of shipping costs, and the cash remittance. b. Shipping terms are F.O.B. destination, freight prepaid. llano paid the shipping costs on June 16. Pascual remitted P5,880 on June 24. Required: 1. Prepare the entries for llano to record the sale, the payment of shipping costs, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase and the cash remittance. c. Shipping terms are F.O.B. shipping point, freight prepaid. llano paid the shipping costs on June 16 and added the P600 cost to the invoice sent to Pascual Pascual remitted P6,480 on June 24. Required: 1. Prepare the entries for llano to record the sale and freight payment, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase (with shipping costs added to the invoice from llano) and the cash remittance. d. Shipping terms are F.O.B. destination, freight collect. Pascual paid the shipping costs on June 17 and deducted the P600 from the amount owed to llano A copy of the freight bill to llano was provided with the June 24 cash remittance. Pascual remitted P5,280 on June 24. Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the freight payment, and the cash remittance.