2. BGH Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, freight collect. The entry of Halo-Halo if freight amounted to P500 is A. debit Purchases P7,500 and credit Accounts Payable P7,500 B. debit Purchases P7,500, debit Freight-in P500 and credit Accounts payable P8,000 C. debit Purchases P7,000, debit Freight-in P500 and credit Accounts payable P7,500 D. debit Purchases P7,500, debit Freight-in P500, credit Cash P500 and credit Accounts payable P7,500

2. BGH Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, freight collect. The entry of Halo-Halo if freight amounted to P500 is A. debit Purchases P7,500 and credit Accounts Payable P7,500 B. debit Purchases P7,500, debit Freight-in P500 and credit Accounts payable P8,000 C. debit Purchases P7,000, debit Freight-in P500 and credit Accounts payable P7,500 D. debit Purchases P7,500, debit Freight-in P500, credit Cash P500 and credit Accounts payable P7,500

Name: 2. BGH Company purchased goods worth P7,500. Term: n/30, FOB Shipping
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Description: 2. BGH Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, freightcollect. The entry of Halo-Halo if freight amounted to P500 isA. debit Purchases P7,500 and credit Accounts Payable P7,500B. debit Purchases P7,500, debit Freight-in

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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For the current period, the following data were taken from the ledger: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Select one: a. $9,600 b. $39,300 40,000 c. $47,300 d. $34,600 e. None of the above 600 Beginning inventory was $8,000 and ending inventory was $13,000. What was cost of goods sold? 300 200
Determine the amount to be paid in full settlement of each purchase invoice, assuming that credit for returns and allowances was received prior and that all invoices were paid within the discount period, a. b. Merchandise $3,400 $13,300 3103 Freight Paid by Seller $287 $72 Freight Terms FOB shipping point, 1/10, net 30 FOB destination, 2/10, net 45 Returns and Allowances $300 $2,900 payment
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that al invoices were paid within the discount period. If required, round the answers to the nearest dollar. Credit for Refunds and Freight Paid by Seller Merchandise Freight Terms Allowances $6,300 $600 FOB shipping point, 2/10, n/30 $1,550 a. 2,900 600 FOB destination, 1/10, n/30 1,200 a.
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
Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. b. a. b. Merchandise $120,800 147,700 00 Freight Paid by Seller $1,300 2,100 Freight Terms FOB shipping point, 1/10, n/30 FOB destination, 2/10, n/30
Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and allowances 59,725 Freight in 33,800 Freight out 28,950 Beginning inventory 289,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
FDN Company sold goods amounting to P5,000 on account. Freight is on terms FOB shipping point, Prepaid for P600. How much should be credited to Cash?
4. Assume that VFA Co. uses periodic inventory system and has the following balances: Inventory, Jan. 1 Purchases Purchases returns and allowances Purchase discounts Freight in How much is the cost of goods available for sale? A. P1,131,000 B. P1,139,000 750,000 400,000 11,000 2% of purchases 16,000 C. P1,147,000 D. P1,200,000
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1. CTH recorded the following events involving a recent purchase of merchandise: received goods for P30,000, terms 2/10, n/30; returned P600 of the shipment on credit; paid P150 freight on shipment; paid the invoice within the discount period. As a result of these events, the company's inventory A. increased by P28,812 B. increased by P29,550 C. increased by P28,959 D. increased by P28,962