ACTIVITY 5: Comprehensive Application Jungkook Enterprises made a sale of goods to Namjoon Enterprises on October 1, 2020. The list price of the goods is P150,000, with trade discounts of 4% and 5%, FOB Shipping Point. Credit terms are 5/15, n/30. Cost of the goods is 70% of the invoice price. Freight of P5,000 was paid by Namjoon. Namjoon returned goods with invoice price of P30,000 on October 9, 2020, still with the 70% cost. On October 11, 2020, Namjoon settled his account in full. In separate Excel sheets, record (a) (b) (c) (d) Journal entries in Jungkook Enterprises' books under the periodic method Journal entries in Jungkook Enterprises' books under the perpetual method Journal entries in Namjoon Enterprises' books under the periodic method Journal entries in Namjoon Enterprises' books under the perpetual method

ACTIVITY 5: Comprehensive Application Jungkook Enterprises made a sale of goods to Namjoon Enterprises on October 1, 2020. The list price of the goods is P150,000, with trade discounts of 4% and 5%, FOB Shipping Point. Credit terms are 5/15, n/30. Cost of the goods is 70% of the invoice price. Freight of P5,000 was paid by Namjoon. Namjoon returned goods with invoice price of P30,000 on October 9, 2020, still with the 70% cost. On October 11, 2020, Namjoon settled his account in full. In separate Excel sheets, record (a) (b) (c) (d) Journal entries in Jungkook Enterprises' books under the periodic method Journal entries in Jungkook Enterprises' books under the perpetual method Journal entries in Namjoon Enterprises' books under the periodic method Journal entries in Namjoon Enterprises' books under the perpetual method

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 63E

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