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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