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4-3 (ACP) Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30. The related freight charge amounted to P10,000. The account was
4-3 (ACP) Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30. The related freight charge amounted to P10,000. The account was collected within the discount period. Required: Prepare journal entries to record the transactions under the following freight terms: 1. FOB destination and freight collect 2. FOB destination and freight prepaid 3. FOB shipping point and freight collect 4. FOB shipping point and freight prepaid
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Financial Accounting The Impact On Decision Makers
Authors: Gary A. Porter
8th Edition
1285880447, 978-1285880440
