Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, Freight Prepaid. Entry of Jason if freight amounted to P500 is: Debit purchases P7,000, a debit freight in P500 and credit accounts payable, P7,500 Debit purchases P7,500 and credit accounts payable P7,500. Debit purchases P7,500, debit freight in P500, credit cash P500 and credit accounts payable P7,500. Debit purchases P7,500, debit freight in P500 and credit accounts payable P8,000

Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, Freight Prepaid. Entry of Jason if freight amounted to P500 is: Debit purchases P7,000, a debit freight in P500 and credit accounts payable, P7,500 Debit purchases P7,500 and credit accounts payable P7,500. Debit purchases P7,500, debit freight in P500, credit cash P500 and credit accounts payable P7,500. Debit purchases P7,500, debit freight in P500 and credit accounts payable P8,000

Name: Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping
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Description: Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, Freight Prepaid. Entry of Jason if freight amounted to P500 is: Debit purchases P7,000, a debit freight in P500 and credit accounts payable, P7,500Debit purchases P7,500 a

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 16MC: Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would...

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Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journal
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