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11. Lit Company acquires inventory, worth P100,000, with the following terms: FOB Shipping Point - Freight Prepaid, payable in 30 days. Applicable freight amounts to P2,000. What is the correct journal entry upon purchase? Purchases 100,000 Purchases 100,000 Freight In 2,000 Freight Out 2,000 Accounts Payable 102,000 Accounts Payable 102,000 a. C. d. b. Purchases 100,000 Freight Out 2,000 Accounts Payable 100,000 Cash 2,000 (1 Point) Purchases 100,000 Freight In 2,000 Accounts Payable 100,000 Cash 2,000 * oc OB 12. The remaining steps in the accounting cycle performed at the end of the year are: 1. Closing entries 2. reversing entries 3. financial statements 4. adjusting entries 5. post closing trial balance (1 Point) 4123.5 4,1.3.52 3.5.12 43,152 13. An examination revealed that the physical inventory count at the end of the year was short of P 1,000 because stock that was segregated in the bodega and marked "reserved" was not included in the count. This will * (1 Point) overstate the cost of sales o overstate the net income O no effect thing overstate the current assets