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Task Sheet 1.1 The RAM Enterprise purchased merchandise from MAR Co. with list price of P1,000.00 per unit for a total of 150 units. The
Task Sheet 1.1 The RAM Enterprise purchased merchandise from MAR Co. with list price of P1,000.00 per unit for a total of 150 units. The term of the transaction is to provide a trade discount of 10% and 8% plus 2/10,n/30 credits. The purchase transaction happens on March 1, 2015, which the date of receipts of merchandise and the cost of freight billed by the transporter is P8,000. RAM returns 25 units of merchandise on March 5, which MAR gives the corresponding credit memo. MAR received the payment cash from RAM on March 8, 2015 for the merchandise and the liable party paid the shipping cost. REQUIRED: Provide JOURNAL ENTRIES on the books of the Seller and Buyer given the following shipping terms. a. FOB SHIPPING POINT, FREIGHT COLLECT b. FOB SHIPPING POINT, FREIGHT PREPAID c. FOB DESTINATION, FREIGHT PREPAID d. FOB DESTINATION, FREIGHT COLLECT
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