Fundamental of Accountancy

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2 2'\"1 Semester AY. 2021 - 2022 Name: Date: Grade & Sec: Score: I. A. For each of the following 5. Masangkap Company purchases, assume that credit terms are 2.00, n30 and that credit memorandum was issued and known before 5. Masangkap Company made the payments. Prepaid Remittance Purchases Shipping Terms Freight Credit Home Discount {Payment} {by seller} 12,000 FOB Shipping 3,000 Point 24,000 FOB Destination m 2,000 23,000 FOB Shipping 4,000 Point 40,000 FOB Shipping Point Required: a. Determine the discount available {assume that the payment is within the discount period) b. Determine the cash remitted if the payment is made within the discount period I. B. On March 10. 2020. Ramirez Company purchased P18,000 worth of merchandise from Valencia Company; terms U10, FOB Shipping Point. On March 12, Ramirez paid P360 freight on the shipment. On March 15, Ramirez returned P2,000 of merchandise for credit. Final payment was made to Valencia on March 1?. Ramirez Company uses the periodic inventory system. Required: 3. Prepare journal entries for Ramirez Company