During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. FOB destination. • Who is the owner of goods in
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- Illustration: Goods in Transit ABC Co. purchased goods with invoice price of P1,000 on account on Dec. 27, 2019. The related shipping costs amounted to P10. The seller shipped the goods on Dec. 31, 2019. ABC Co. received the goods on Jan. 2, 2020 and settled the account on Jan. 5, 2020. Prepare journal entries under the following terms of purchase a. FOB shipping point, freight collect b. FOB destination, freight prepaid C. FOB shipping point, freight prepaid d. FOB destination, freight collectOn January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect. Amount of freight cost is P1,000, The amount of Accounts Receivable to be recorded on the date of purchase will be⚫Ex The following information is for BOUNTY Company for December 2015: 1. On December 1, purchased merchandise from CMU Company for $700 terms 2/10, n/30, FOB shipping point. 2. On December 7, paid freight cost $50 on merchandise purchased from CMU Company. 3. On December 12, sold merchandise to ALENA Company for $900, terms n/30. The merchandise sold had a cost of $600. 4. On December 15, received $100 credit from CMU Company for returned merchandise. Instructions: Prepare the journal entries to record these transactions for the month of December on the books of BOUNTY Company using a periodic inventory system.
- On 15 December 2020; Saadah Company purchased goods at the amount of 32500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Debit Credit (RO) (RO) Date Accounts Goods 32500 20000 15.12.2020 Payable Cash 12500 OB. Accounts Debit Credit (RO) (RO) Date Goods 32500 20000 15.12.2020 Cash Payable 12500 Oc. Date Accounts Debit Credit (RO) | (RO) Payable 20000 15.12.2020Cash 12500 Goods 32500 OD. Accounts Debit Credit (RO) (RO) Date Payable 20000 15.12.2020Cash 12500 Goods 32500On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inp Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account, to a customer for $19,600. What is the amount of the sales discount allowable? a. $98 b. $392 c. $196 d. $490
- Norfolk Sporting Goods purchases merchandise with a catalog list price of $21,000. Norfolk receives a credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? a.$20,580 b.$29,400 c.$30,000 d.$21,000 O A O BDuring February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the purchases? • How much is the invoice price? • Who is the seller?A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business and credit terms are 3/10, n/60. What is the net cost of the goods sold assuming that if the retailer made the payment within the discount period? a. RO 4800 b. RO 144,000 c. RO 155,200 d. RO 160,000
- B. Journalize the following transactions using the Perpetual method: Sta. Rosa Trading completed the following merchandising transactions in the month of October 2020: 11-Purchased merchandise on account from Vera Supply P4,000, 2/10, n/30. 12-Sold merchandise on account to Sanchez Variety P4,300, terms: 2/10, 1/20, n/30. The cost of merchandise sold was P3,600. 13 - Received credit from Vera Supply for merchandise returned P250. 14 - Paid P150 freight on October 12 sales. 15 - Purchased supplies for cash P850. 16 -Purchased merchandise for cash P2,700. 20 -Sold merchandise for cash P6,300. The merchandise sold had a cost of P4,800.2. On April 5, 2020 Company A sell merchandise to Company L for P50,000 under the terms: 2/10, n/30 FOB Shipping point freight prepaid. Company A being the shipper paid the freight amounting to P2,000. On April 12, Company L paid in full the account amounting to P50,960. Company A notify Company L that the amount to be paid is not P50,960 but P51,000. Whose claim do you think is correct A or L? ExplainAssume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?