Multiple choice 2/10, net 30, for P10,000. Black prepaid the P200 shipping charge. Which of theAccounts Receivable-Red, debit P10,000; Sales, credit P10,0005. Black Company sold Red Company merchandise on account FOB shipping point,following entries does Black make to record this sale?a.417 FUNDAMENTALS OF ACCOUNTING| CHAAccounts Receivable-Red, debit P10,000; Sales, credit P10,000, and AccoReceivable-Red, debit P2003; Cash, credit P200Accounts Receivable-Red, debit P10,400; Sales, credit P10,400d.b.C.Accounts Receivable-Red, debit P10,000; Sales, credit P10,000, On4Transportation Out, debit P200; Cash, credit P20011.6. Apple Co seills merchandise on credit to Zea Co in the amount of P8,000. The invoiceis dated on September 15 with terms of 1/15, net 45. What is the amount of thediscount and up to what date must the invoice be paid in order for the buyer totake advantage of the discount?a. P160, September 30b. P160, September 25P80, September 30d. P80, September 25с.7. Apple Co sells merchandise on credit to Zea Co in the amount of P8,000. The invo

FOB shipping point means seller is responsible for the goods till the goods is ready to be shipped.…

Accounts Receivable-Red, debit P10,000; Sales, credit P10,000 following entries does Black make to record this sale? Black Company sold Red Company merchandise on account FOB shipping point, l het 30, for P10.000, Black prepaid the P200 shipping charge. Which of the a. 417

Accounts Receivable-Red, debit P10,000; Sales, credit P10,000 following entries does Black make to record this sale? Black Company sold Red Company merchandise on account FOB shipping point, l het 30, for P10.000, Black prepaid the P200 shipping charge. Which of the a. 417

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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Question

Multiple choice

2/10, net 30, for P10,000. Black prepaid the P200 shipping charge. Which of the
Accounts Receivable-Red, debit P10,000; Sales, credit P10,000
5. Black Company sold Red Company merchandise on account FOB shipping point,
following entries does Black make to record this sale?
a.
417

FUNDAMENTALS OF ACCOUNTING
| CHA
Accounts Receivable-Red, debit P10,000; Sales, credit P10,000, and Acco
Receivable-Red, debit P2003; Cash, credit P200
Accounts Receivable-Red, debit P10,400; Sales, credit P10,400
d.
b.
C.
Accounts Receivable-Red, debit P10,000; Sales, credit P10,000, On4
Transportation Out, debit P200; Cash, credit P200
11.
6. Apple Co seills merchandise on credit to Zea Co in the amount of P8,000. The invoice
is dated on September 15 with terms of 1/15, net 45. What is the amount of the
discount and up to what date must the invoice be paid in order for the buyer to
take advantage of the discount?
a. P160, September 30
b. P160, September 25
P80, September 30
d. P80, September 25
с.
7. Apple Co sells merchandise on credit to Zea Co in the amount of P8,000. The invo

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