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
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
- 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 destination, freight prepaid?FN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?1. FDN Trading sold merchandise on credit to ABC Co in the amount of P64,000. The invoice is dated on November 1 with terms of 1/15, net 45. ABC Co returned defective goods worth P10,000. A partial payment of P16,000 was made by ABC Co. How much is the cash discount if the invoice is paid in order for ABC Co to take advantage of the discount? 2. During the period, FDN Trading issued another promissory note for an additional loan of P67,000 and made total payments of P72,000. At the end of the period, FDN Trading’s notes payable had a balance of P190,000. How much is the beginning balance of the notes payable? 3. FDN Accounting Services purchased office supplies for P31,000 on terms 20% down payment and the balance 2/10 n/30. How much is the increase in the total assets of the business?
- 1. FDN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P35,000, terms 2/10, n/30. Returned P900 of the shipment for credit. Paid P400 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases? 2. On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period? 3. FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of…Dawn 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?A sales invoice included the following information: merchandise price, P5,000; freight, P900; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of P700 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller 4,257 4,300 5,157 4,950
- On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of ₱3,000. The goods were shipped by ABC on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to ₱20. ABC Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x2?On October 1, Ace Company purchased P6,000 worth of goods on terms of 2/10, n/30. Freight of P500 was prepaid by the seller under the term FOB Shipping Point, goods worth P1,000 were returned and the account was paid on October 10. The net cost of purchases wasAroma Company used the net price method of accounting for cash discounts .In one of its transactions on December 26,2021,the entity sold merchandise with a list price of P5,000,000 to a customer who was given a trade discount of 20%,10% and 5%.Credit terms were 4/10n/30. The goods were shipped FOB destination, freight collect. Total freight charge paid by the customer was P100,000.On December 27,2021, the customer returned damaged goods originally billed at P500,000. What is the net realizable value of the accounts receivable on December 31,2021?