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Prepare all relevant journal entries on the books of ABC

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Problem - On June 16, 2014, ABC sold merchandise to XYZ with a list price of P10,000, trade discount 20% and 25%, 2/10, n/30. They were received by XYZ on the same date. Freight charges were $600.

Under each of the following independent situations, prepare all relevant journal entries on the books of (a) ABC and (b) XYZ:

a. FOB Shipping Point, freight collect. XYZ settled his account with ABC in full on June 24.

b. FOB Destination, freight prepaid. XYZ settled his account with ABC in full on June 25.

c. FOB Shipping Point, freight prepaid. XYZ settled his account with ABC in full on June 26.

d. FOB Destination, freight collect. XYZ settled his account with ABC in full on June 24.

e. FOB Shipping Point, freight collect. XYZ settled his account with ABC in full on June 27.

f. FOB Destination, freight collect. XYZ settled his account with ABC in full on June 28.

Reference no: EM132981178

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