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1. Merchandising for On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB shipping point. Y Co. prepaid the freight of P6,000 on December 2, 2021. On December 4, Y Co. issued a credit memorandum for damaged merchandise returned by X Co. amounting to P2,000. X Co. paid in full the balance due on December 11, 2021.

1. Merchandising for On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB shipping point. Y Co. prepaid the freight of P6,000 on December 2, 2021. On December 4, Y Co. issued a credit memorandum for damaged merchandise returned by X Co. amounting to P2,000. X Co. paid in full the balance due on December 11, 2021.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. How much is the freight paid by the seller? a. P6,000 O b. P5,880 O c. P960 O d. P0 4. How much is the accounts payable of the buyer? a. P52,920 O b. P54,000 O c. P53,040 O d. P48,000 5. How much cash received by the seller on December 11, 2021? a. P52,920 Ob. P54,000 O c. P53,040 O d. P48,000
Transcribed Image Text:3. How much is the freight paid by the seller? a. P6,000 O b. P5,880 O c. P960 O d. P0 4. How much is the accounts payable of the buyer? a. P52,920 O b. P54,000 O c. P53,040 O d. P48,000 5. How much cash received by the seller on December 11, 2021? a. P52,920 Ob. P54,000 O c. P53,040 O d. P48,000
1. Merchandising for On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB shipping point. Y Co. prepaid the freight of P6,000 on December 2, 2021. On December 4, Y Co. issued a credit memorandum for damaged merchandise returned by X Co. amounting to P2,000. X Co. paid in full the balance due on December 11, 2021. O please select/mark for bonus 2 pts. 1. How much is the cash discount on December 11, 2021? a. P1,080 O b. P5,880 c. P960 O d. PO 2. How much is the freight paid the buyer? a. P6,000 b. P5,880 c. P960 d. P0
Transcribed Image Text:1. Merchandising for On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB shipping point. Y Co. prepaid the freight of P6,000 on December 2, 2021. On December 4, Y Co. issued a credit memorandum for damaged merchandise returned by X Co. amounting to P2,000. X Co. paid in full the balance due on December 11, 2021. O please select/mark for bonus 2 pts. 1. How much is the cash discount on December 11, 2021? a. P1,080 O b. P5,880 c. P960 O d. PO 2. How much is the freight paid the buyer? a. P6,000 b. P5,880 c. P960 d. P0
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