Assume that ABC Corporation purchased

merchandise from DEF Company with an invoice

price of P200,000; terms: FOB Shipping Point,

3/10, n/30 The purchased took place on

November 3, 2016. DEF Company prepaid the

freight charges of P3,000. ABC paid the full

account on November 11, 2016. Assume further

that ABC Corporation uses periodic inventory

system. Prepare the entries in the books of ABC

Corporation to record the purchase and payment

under: a) Gross Method b) Net Method The quiz

is not timed, so you can pause it and resume at

any time. If you cancel the quiz, your answers are

discarded and they are not counted as a

submission.