1. Joca Co. purchased goods with an invoice price of P100,000 on account from Nap Co. on Dec. 27, 20x1. Nap shipped the goods on Dec. 31, 20x1 and Joca received the shipment on Jan. 2, 20x2. The related shipping costs were P10,000. Joca settled the account on Jan. 5, 20x2. Requirements: Using the periodic inventory system, provide the entries in Joca's books under each of the following sale terms: (a) FOB shipping point, Freight collect; (b) FOB destination, Freight prepaid; (C) FOB shipping point, freight prepaid; and (d) FOB destination, Freight collect

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Functions of Financial Institutions

Financial institutions are businesses that are formed to deal with financial and monetary transactions. These organizations primarily accept deposits, advance loans, make investments, and provide foreign exchange services. Financial institutions include, but are not limited to, banks, insurance companies, trust companies, brokerage firms, and investment bankers. Because financial institutions play such an important role in the economy in terms of monetary transactions, regulating their activities has become a requirement for governmental authorities. As a result, the government creates a multitude of laws and regulations to oversee the activities of financial institutions.