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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Hi! What are the threats and recommendations for this flowchart? Thank you!
Hi! Can you help me solve this problem? Thank you
Why is there a need for you to propose the project or program? What are the benefits that your community/locality can get from the implementation of such?
Can you share an example and explainwhy the CVP is important please.
Can someone help me with the part b and c please?
Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
Is Globalization good or bad? Support your answer with relevant information or argument.
I need to know how to find FIFO
can expert give another detailed answer please.
what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.
2) What do you understand by reports and proposals , kindly share different types of reports .
Which of the following are part of Kwan's "Simple & Effective way to End a Presentation?" Thank you Are there any questions? And that is (Your Subject) What I talked about was (Summarize key points) The first thing I want you to do when you leave here today is (Call to action) In conclusion.....