S.A.Q 1.5 ACTIVITY 4: Freight Kim Taehyung paid for P3,000 freight for the goods he purchased from Hoseok Corp. Provide the entries for periodic method both for Kim Taehyung's books and Hoseok Corp's books under the following scenarios: a.) b.) c.) FOB Shipping Point, Freight Collect FOB Shipping Point, Freight Prepaid FOB Destination, Freight Collect FOB Destination, Freight Prepaid
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- Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.Purchase-related transactions Journalize entries for the following related transactions of Lilly Heating Air Company: A. Purchased 36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that 9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased 5,000 of merchandise from Schell Co. on account, terms n/30. E. Received a refund from Schell Co. for return in (C) less the purchase in (D).
- 2. On April 5, 2020 Company A sell merchandise to Company L for P50,000 under the terms: 2/10, n/30 FOB Shipping point freight prepaid. Company A being the shipper paid the freight amounting to P2,000. On April 12, Company L paid in full the account amounting to P50,960. Company A notify Company L that the amount to be paid is not P50,960 but P51,000. Whose claim do you think is correct A or L? ExplainMichael 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 P8,000Dawn Co. purchased goods with invoice price of ₱3,000 on account on December 27, 20x1. The related shipping costs amounted to ₱50. The seller shipped the goods on December 31, 20x1. Dawn Co. received the goods on January 2, 20x2 and settled the account on January 5, 20x2. 1. How much is the net cash payment to the supplier if the terms of the shipment are FOB destination, freight collect?
- Required: Journal Entries using PERPETUAL SYSTEM 1- Paid P300 for store supplies bought from ABC Store. 7- Bought a typewriter from Honk Store for office use, P15,000. Terms: 2/10, n/30. 7- Paid the freight for the above purchase, P500. 8- Cash purchases, P6,000. 9- Bought merchandise from NOA Company, P20,000. Terms: 2/10, n/30. FOB Shipping point. 9- Paid freight for the above merchandise, P 300. 10- Account purchases from: Lilet P 15,000 2/10, n/30 Marimar 10,000 2/10, n/30 12- Received a credit memo for P1,000 from NOA for goods returned to them. 15- Bought merchandise from Mr. Cruz, P15,000. Terms: Down payment of P5,000 and the balance, a 6% 10-day note. 17- Paid in full the account on the 7th.…19.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid. Freight related to the purchase was P1,000.The entry to record the purchase under the net method (periodic system) would include: Cr Accounts Payable 22,290 Cr Accounts Payable 24,290 Dr Purchases 23,290 Dr Purchases 24,2901. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account RM16029 Sold goods to Sakun Enterprise on credit fro RM412
- 1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM4124)Kim Company on July 15 sells merchandise on account to He Co. for $3,000, terms 2/10, n/30. On July 20, He Co. returns merchandise worth $1,200 to Kim Company. On July 27, payment is received from He Co. for the balance due. What is the amount of cash received? Group of answer choices a)$3,000 b)$1,800 c)$1,740 d)$1,7641. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM412