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12 Problem 1: IN.Company had the following selected transactions: 2020 Jan. 9 Sold good worth P 300.000.to. FOG Company : terms: FOB destination, freight prepaid, 5%, 2/15, n/30. The goods were shipped on January 9, 2020 and received by the buyer on January 10, 2020. Freight paid P 2,000. Sold goods to JK Store, P 50,000. Terms: 50% downpayment balance 2/15, n/30. 15 Sold goods to ABC Company worth P 200,000. Terms: 2/15, n/30. FOB shipping point, freight collect. The goods were shipped on January 15, 2020 and received by the buyer on January 18, 2020. Freight Raid. 3,000. FOG Company paid in full the account. 27 Collected in full the account of JK Store. Sold goods to CDE Company worth P 150,000. Terms: 2/15, n/30. FOB destination, freight collect. The goods were shipped on January 31, 2020 and received by the buyer on February 3, 2020. Freight paid P 1,000 Feb 2 Collected in full the account of ABC Company. 22 29 REQUIRED: Prepare journal entries under the traditional GAAP: a) Gross Method b) Net method