Question
Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30. The related freight charge amount to P10,000. The account was collected within
Affectionate Company sold merchandise on account for P500,000.
The terms are 3/10, n/30. The related freight charge amount to P10,000.
The account was collected within the discount period.
Requirement: Prepare journal entries to record the transactions under the following freight terms:
a. FOB destination and freight collect
b. FOB destination and freight prepaid
c. FOB shipping point and freight collect
d. FOB shipping point and freight prepaid
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Introduction To Financial Accounting
Authors: Charles T Horngren, John A Elliott
9th Edition
0131479725, 978-0131479722
