ABC company purchased 10,000 units of merchandise for Php40 per unit. The credit term is 2/10, n/30m, FOB shipping point, freight collect of Php 1,000. Prepare the journal entry at the point of sale using the gross method. Prepare the journal entry at the date of collection using the gross method if the collection is made within the discount period ABC company purchased 10,000 units of merchandise for Php40 per unit. The credit term is 2/10, n/30m, FOB shipping point, freight collect of Php 1,000. Prepare the journal entry at point of sale using net method Prepare the journal entry at date of collection using net method if collection is made beyond the discount period
ABC company purchased 10,000 units of merchandise for Php40 per unit. The credit term is 2/10, n/30m, FOB shipping point, freight collect of Php 1,000. Prepare the journal entry at the point of sale using the gross method. Prepare the journal entry at the date of collection using the gross method if the collection is made within the discount period ABC company purchased 10,000 units of merchandise for Php40 per unit. The credit term is 2/10, n/30m, FOB shipping point, freight collect of Php 1,000. Prepare the journal entry at point of sale using net method Prepare the journal entry at date of collection using net method if collection is made beyond the discount period
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC company purchased 10,000 units of merchandise for Php40 per unit. The credit term is 2/10, n/30m, FOB shipping point, freight collect of Php 1,000.
- Prepare the
journal entry at the point of sale using the gross method. - Prepare the journal entry at the date of collection using the gross method if the collection is made within the discount period
ABC company purchased 10,000 units of merchandise for Php40 per unit. The credit term is 2/10, n/30m, FOB shipping point, freight collect of Php 1,000.
- Prepare the journal entry at point of sale using net method
- Prepare the journal entry at date of collection using net method if collection is made beyond the discount period
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