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Prepare journal entries to record the transactions

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Question - Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30. The related freight charge amounted to P10,000. The account was collected within the discount period.

Required - Prepare journal entries to record the transactions under the following freight terms:

1. FOB destination and freight collect

2. FOB destination and freight prepaid

3. FOB shipping point and freight collect

4. FOB shipping point and freight prepaid

Reference no: EM132734174

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