Asset Company sells merchandise to Liabilities Company on credit under the term 10%, 10%, 5/10, 2/15, n/30. The goods have a list price of $1,000 in addition to a freight of $50 each way. The following transactions occurred:

September 11, 2020 Deliver 50 units of the product to the buyer.

September 18, 2020 Received 20 merchandise from buyer since goods delivered

Is not the correct specification and the seller is in default.

Answer the following :

1. If the term is FOB Shipping Point Prepaid. How much is the total billing of the seller including the freight using gross method.
2. Prepare the entry for no. 1 above.
3. If the term is FOB Destination Collect. Prepare the entries of the seller using the net method under the following transactions

1. September 11, 2020
2. September 18,2020
3. If payment is received September 20, 2020
4. If Payment is received September 25,2020