Shipping costs were P600. Pascual received the goods and llano's invoice on June 17,On June 24, Pascual sent the payment to llano, which llano received on June 25. BothOn June 16, 2019, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30,Ilano and Pascual use the periodic inventory system. The following are severala. Shipping terms are F.O.B. shipping point, freight collect. Pascual paid the shipping7-54 | Basic Financial Accounting and Reporting by Fho2. Prepare the entries for Pascual to record the purchase, the freight payment, and the1. Prepare the entries for llano to record the sale and the cash receipt.SCORE:NAME:PROFESSOR:SECTION:Problem #11Transportation Costsarrangements regarding the shipping costs:costs on June 17 and remitted P5,880 on June 24.Required:1. Prepare the entries for llano to record the sale and the cash receipt.2. Prepare the entries for Pascual to record the purchase, the payment of shipnincosts, and the cash remittance.b. Shipping terms are F.O.B. destination, freight prepaid. llano paid the shippinecosts on June 16. Pascual remitted P5,880 on June 24.Required:1. Prepare the entries for llano to record the sale, the payment of shipping costs, andthe cash receipt.2. Prepare the entries for Pascual to record the purchase and the cash remittance.Shipping terms are F.O.B. shipping point, freight prepaid. lano paid the shippingcosts on June 16 and added the P600 cost to the invoice sent to Pascual Pascualremitted P6,480 on June 24.C.Required:1. Prepare the entries for llano to record the sale and freight payment, and the cashreceipt.2. Prepare the entries for Pascual to record the purchase (with shipping costs added tothe invoice from llano) and the cash remittance.d. Shipping terms are F.O.B. destination, freight collect. Pascual paid the shipplngcosts on June 17 and deducted the P600 from the amount owed to llano A copythe freight bill to llano was provided with the June 24 cash remittance. Pascuurremitted P5,280 on June 24.Required:cash remittance.3III

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Transportation Costs On June 16, 2019, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30. Shipping costs were P600. Pascual received the goods and Illano's invoice on June 11. On June 24, Pascual sent the payment to llano, which llano received on June 25. Both Ilano and Pascual use the periodic inventory system. arrangements regarding the shipping costs: a. Shipping terms are F.O.B. shipping point, freight collect. Pascual paid the shipping The following are several costs on June 17 and remitted PS,880 on June 24. 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the payment of shipping costs, and the cash remittance. b. Shipping terms are F.O.B, destination, freight prepaid. Ilano paid the shipping costs on June 16. Pascual remitted P5,880 on June 24. Required: Required: 1. Prepare the entries for llano to record the sale, the payment of shipping costs, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase and the cash remittance. c. Shipping terms are F.O.B. shipping point, freight prepaid. Illano paid the shipping costs on June 16 and added the P600 cost to the invoice sent to Pascual Pascual remitted P6,480 on June 24. Required: 1. Prepare the entries for llano to record the sale and freight payment, and the cash receipt. 2. Prepare the entries for Pascual to record the purchase (with shipping costs added to the invoice from llano) and the cash remittance. d. Shipping terms are F.O.B. destination, freight collect. Pascual paid the shippililg costs on June 17 and deducted the P600 from the amount owed to Ilano A copy of the freight bill to llano was provided with the June 24 cash remittance. Pascual. remitted P5,280 on June 24, Required: 1. Prepare the entries for llano to record the sale and the cash receipt. 2. Prepare the entries for Pascual to record the purchase, the freight payment, and the cash remittance.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q