: IN Company had the following selected transactions:2020Sold good worth P 300.000 to FOG Company : terms: FOB de stination, freight prepaid, 5%, 2/15,n/30. The goods we re shipped on January 9, 2020 and received by the buyer on January 10, 2020.Freight paid P 2,00o0.Jan. 9Sold goods to JK Store, P 50,000.Terms: 50% downpavment, balance 2/15, n/30.Sold goods to ABC Campanx.wath P 200,000. Terms: 2/15, n/30. FOB shipping point, freight collect.The goods were shipped on January 15, 2020 and received by the buyeron January 18, 2020. Freight1215Raid. P3,000.FOG Company paid in full the account.2227Colle cted in full the account of JK Store.29Sold goods to CDE Campany.warth P 150,000. Terms: 2/15, n/30. FOB de stination, freight collect.The goods were shipped on January 31, 2020 and received by the buyeron February 3, 2020. Freightpaid P1,000Colle cted in full the account of ABC Company.Feb 2Prepare journal entriesunder the Traditional GAAP :a) Gross Methodb) Net method.

Under Gross Method, Sales discount is recorded separately. Under Net Method, Forfeiture of sales…

INCompanx, had the following selected transactions: 2020 Ran. 9 Sold good worth P 300.000 to FOG Company : terms FOB de n/30. The goods were shipped on January 9, 2020 and recer Freight paid P 2,000. Sold goods to JK Store, P 50,000. Terms. 50% downpazment, Sold goods to ABC companx.warth P 200,000. Terms. 2/15, r The goods were shipped on January 15, 2020 and received by Raid P3,000. 12 15 22 FOG Company paid in full the account. din f IK Cte

INCompanx, had the following selected transactions: 2020 Ran. 9 Sold good worth P 300.000 to FOG Company : terms FOB de n/30. The goods were shipped on January 9, 2020 and recer Freight paid P 2,000. Sold goods to JK Store, P 50,000. Terms. 50% downpazment, Sold goods to ABC companx.warth P 200,000. Terms. 2/15, r The goods were shipped on January 15, 2020 and received by Raid P3,000. 12 15 22 FOG Company paid in full the account. din f IK Cte

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

: IN Company had the following selected transactions:
2020
Sold good worth P 300.000 to FOG Company : terms: FOB de stination, freight prepaid, 5%, 2/15,
n/30. The goods we re shipped on January 9, 2020 and received by the buyer on January 10, 2020.
Freight paid P 2,00o0.
Jan. 9
Sold goods to JK Store, P 50,000.Terms: 50% downpavment, balance 2/15, n/30.
Sold goods to ABC Campanx.wath P 200,000. Terms: 2/15, n/30. FOB shipping point, freight collect.
The goods were shipped on January 15, 2020 and received by the buyeron January 18, 2020. Freight
12
15
Raid. P3,000.
FOG Company paid in full the account.
22
27
Colle cted in full the account of JK Store.
29
Sold goods to CDE Campany.warth P 150,000. Terms: 2/15, n/30. FOB de stination, freight collect.
The goods were shipped on January 31, 2020 and received by the buyeron February 3, 2020. Freight
paid P1,000
Colle cted in full the account of ABC Company.
Feb 2
Prepare journal entriesunder the Traditional GAAP :
a) Gross Method
b) Net method.

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