E5-4 On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping point, terms 2/10, n/30. Diaz pays the freight costs of $400 on June 11. Dam- aged goods totaling $300 are returned to Taylor for credit on June 12. The fair value of these goods is $70. On June 19, Diaz pays Taylor Company in full, less the purchase dis- count. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries for each transaction on the books of Diaz Company. (b) Prepare separate entries for each transaction for Taylor Company. The merchandise purchased by Diaz on June 10 had cost Taylor $4,800.

On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of P300,000. The goods were shipped by YGS on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to P200. YGS Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x27

On 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 Assuming X Company issued a debit memorandurn for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will be

The following transactions are for Wildhorse Company. 1.   On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2.   On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3.   On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

On October 1, Ace Company purchased P6,000 worth of goods on terms of 2/10, n/30. Freight of P500 was prepaid by the seller under the term FOB Shipping Point, goods worth P1,000 were returned and the account was paid on October 10. The net cost of purchases was

JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 OD. $2,396

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On January 15, 2021, Marimar Company shipped 100 cellphone units to Sergio Company.     The related data:                                                     The list price per unit                              P5,200                              Trade discount per unit                          200                      Freight charges paid in cash                  3,500 FOB destination Tem of payments                                     2/10, n/30                       The invoice price is 60% based on sales.         On January 25, 2021, Sergio Company paid 50% of the total shipment.         The entity uses the perpetual inventory system.                                                     Requirements:                                           What are the related journal entries under the gross method and the net method? At month-end, how much is the entity's accounts receivable under the gross method? At month-end, how much is the entity's accounts receivable under the net method?

Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27. 2021. Net Solution paid ABC Shipping agency $136 Assume the company uses perpetual inventory system. (9')Journalize all the transactions for Net Solutions. EHKONBor the delivery and paid the balance on Nov 4. WIDDINI PEHKON the DEHK WIDDINI

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