19.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid. Freight related to the purchase was P1,000. The entry to record the purchase under the net method (periodic system) would include: Cr Accounts Payable 22,290 Cr Accounts Payable 24,290 Dr Purchases 23,290 Dr Purchases 24,290
19.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid. Freight related to the purchase was P1,000. The entry to record the purchase under the net method (periodic system) would include: Cr Accounts Payable 22,290 Cr Accounts Payable 24,290 Dr Purchases 23,290 Dr Purchases 24,290
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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19.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid. Freight related to the purchase was P1,000.
The entry to record the purchase under the net method (periodic system) would include:
The entry to record the purchase under the net method (periodic system) would include:
Cr Accounts Payable 22,290
Cr Accounts Payable 24,290
Dr Purchases 23,290
Dr Purchases 24,290
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