Habana Crown, a trading business owned by Norhan Fahl, enters into the following selected sales transactions in September 2021: Sept 1 Sold merchandise to Davao Star, P240,000, FOB shipping point, 2/10. n/30, freight collect, P5,000. 2 Sold merchandise to Davao Star, P250,000, FOB shipping point, 2/10. n/30, freight prepaid, P6,000. 4 Sold merchandise to Davao Star, P210,000, FOB destination, 2/10. n/30, freight collect, P10,000. 5 Sold merchandise to Davao Star, P90,000, FOB destination, 2/10. n/30, freight prepaid, P5,500. Required: Journalize the foregoing entries.
Habana Crown, a trading business owned by Norhan Fahl, enters into the following selected sales transactions in September 2021: Sept 1 Sold merchandise to Davao Star, P240,000, FOB shipping point, 2/10. n/30, freight collect, P5,000. 2 Sold merchandise to Davao Star, P250,000, FOB shipping point, 2/10. n/30, freight prepaid, P6,000. 4 Sold merchandise to Davao Star, P210,000, FOB destination, 2/10. n/30, freight collect, P10,000. 5 Sold merchandise to Davao Star, P90,000, FOB destination, 2/10. n/30, freight prepaid, P5,500. Required: Journalize the foregoing entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Habana Crown, a trading business owned by Norhan Fahl, enters into the following selected sales transactions in September 2021: Sept 1 Sold merchandise to Davao Star, P240,000, FOB shipping point, 2/10. n/30, freight collect, P5,000. 2 Sold merchandise to Davao Star, P250,000, FOB shipping point, 2/10. n/30, freight prepaid, P6,000. 4 Sold merchandise to Davao Star, P210,000, FOB destination, 2/10. n/30, freight collect, P10,000. 5 Sold merchandise to Davao Star, P90,000, FOB destination, 2/10. n/30, freight prepaid, P5,500. Required: Journalize the foregoing entries.
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