On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of 2/10, n/30. Freight costs amounted to P5,000. The goods were received by the buyer on January 15, 20XX. Karl Co. collected the receivable on January 23, 20XX. How much net cash did Karl receive from the buyer if the terms are FOB shipping point, freight collect? O a P305,000 O b P294,000 C P299,000 d P289,000 0000
On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of 2/10, n/30. Freight costs amounted to P5,000. The goods were received by the buyer on January 15, 20XX. Karl Co. collected the receivable on January 23, 20XX. How much net cash did Karl receive from the buyer if the terms are FOB shipping point, freight collect? O a P305,000 O b P294,000 C P299,000 d P289,000 0000
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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