Accounts Receivable-Red, debit P10,000; Sales, credit P10,000 following entries does Black make to record this sale? Black Company sold Red Company merchandise on account FOB shipping point, l het 30, for P10.000, Black prepaid the P200 shipping charge. Which of the a. 417
Accounts Receivable-Red, debit P10,000; Sales, credit P10,000 following entries does Black make to record this sale? Black Company sold Red Company merchandise on account FOB shipping point, l het 30, for P10.000, Black prepaid the P200 shipping charge. Which of the a. 417
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Multiple choice
Transcribed Image Text:2/10, net 30, for P10,000. Black prepaid the P200 shipping charge. Which of the
Accounts Receivable-Red, debit P10,000; Sales, credit P10,000
5. Black Company sold Red Company merchandise on account FOB shipping point,
following entries does Black make to record this sale?
a.
417
Transcribed Image Text:FUNDAMENTALS OF ACCOUNTING
| CHA
Accounts Receivable-Red, debit P10,000; Sales, credit P10,000, and Acco
Receivable-Red, debit P2003; Cash, credit P200
Accounts Receivable-Red, debit P10,400; Sales, credit P10,400
d.
b.
C.
Accounts Receivable-Red, debit P10,000; Sales, credit P10,000, On4
Transportation Out, debit P200; Cash, credit P200
11.
6. Apple Co seills merchandise on credit to Zea Co in the amount of P8,000. The invoice
is dated on September 15 with terms of 1/15, net 45. What is the amount of the
discount and up to what date must the invoice be paid in order for the buyer to
take advantage of the discount?
a. P160, September 30
b. P160, September 25
P80, September 30
d. P80, September 25
с.
7. Apple Co sells merchandise on credit to Zea Co in the amount of P8,000. The invo
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