ABC Company, located in La Trinidad, Benguet, sold merchandise to Minda, a customer located in La Union on March 17, 2020. The amount of the sale is P165,000 with a freight charge of P2,500. The terms of the account are 3/15, n/30; FOB shipping point, freight prepaid. If collection was made on April 1, 2020, the total cash received by ABC would be: O P165,000 O P167,000 P162,550 O P162,050

ABC Company, located in La Trinidad, Benguet, sold merchandise to Minda, a customer located in La Union on March 17, 2020. The amount of the sale is P165,000 with a freight charge of P2,500. The terms of the account are 3/15, n/30; FOB shipping point, freight prepaid. If collection was made on April 1, 2020, the total cash received by ABC would be: O P165,000 O P167,000 P162,550 O P162,050

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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