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Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, Freight Prepaid. Entry of Jason if freight amounted to P500 is:     Debit purchases P7,000, a debit freight in P500 and credit accounts payable, P7,500 Debit purchases P7,500 and credit accounts payable P7,500. Debit purchases P7,500, debit freight in P500, credit cash P500 and credit accounts payable P7,500. Debit purchases P7,500, debit freight in P500 and credit accounts payable P8,000

Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, Freight Prepaid. Entry of Jason if freight amounted to P500 is:     Debit purchases P7,000, a debit freight in P500 and credit accounts payable, P7,500 Debit purchases P7,500 and credit accounts payable P7,500. Debit purchases P7,500, debit freight in P500, credit cash P500 and credit accounts payable P7,500. Debit purchases P7,500, debit freight in P500 and credit accounts payable P8,000

FINANCIAL ACCOUNTING
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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Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, Freight Prepaid. Entry of Jason if freight amounted to P500 is:
 
 
Debit purchases P7,000, a debit freight in P500 and credit accounts payable, P7,500
Debit purchases P7,500 and credit accounts payable P7,500.
Debit purchases P7,500, debit freight in P500, credit cash P500 and credit accounts payable P7,500.
Debit purchases P7,500, debit freight in P500 and credit accounts payable P8,000
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