S.A.Q 1.5 ACTIVITY 4: Freight Kim Taehyung paid for P3,000 freight for the goods he purchased from Hoseok Corp. Provide the entries for periodic method both for Kim Taehyung's books and Hoseok Corp's books under the following scenarios: a.) b.) c.) FOB Shipping Point, Freight Collect FOB Shipping Point, Freight Prepaid FOB Destination, Freight Collect FOB Destination, Freight Prepaid

S.A.Q 1.5 ACTIVITY 4: Freight Kim Taehyung paid for P3,000 freight for the goods he purchased from Hoseok Corp. Provide the entries for periodic method both for Kim Taehyung's books and Hoseok Corp's books under the following scenarios: a.) b.) c.) FOB Shipping Point, Freight Collect FOB Shipping Point, Freight Prepaid FOB Destination, Freight Collect FOB Destination, Freight Prepaid

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Description: S.A.Q 1.5ACTIVITY 4: FreightKim Taehyung paid for P3,000 freight for the goods he purchased from Hoseok Corp.Provide the entries for periodic method both for Kim Taehyung's books and HoseokCorp's books under the following scenarios:FOB Shipping Poin

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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Question Content Area Transactions for Buyer and Seller Ellis Co. sold merchandise to Angelleti Co. on account, $148,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $89,160. Ellis Co. paid freight of $2,100. Assume that all discounts are taken. Question Content Area Journalize Ellis Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. Question Content Area Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank.
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