Question
Problem: RV Traders (seller) sold merchandise totaling P17,000 to JJ Company (buyer) Transportation cost amounting to P1,000. What are the journal entries of the above
Problem: RV Traders (seller) sold merchandise totaling P17,000 to JJ Company (buyer) Transportation cost amounting to P1,000.
What are the journal entries of the above transaction under the buyer's viewpoint both for periodic and perpetual systems assuming the following scenarios?
(a)FOB shipping point, freight collect.
(b)FOB shipping point, freight prepaid
(c)FOB destination, freight collect.
(d)FOB destination, freight prepaid.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
