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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 amount to P10,000. The account was collected within the discount period.

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

a. FOB destination and freight collect

b. FOB destination and freight prepaid

c. FOB shipping point and freight collect

d. FOB shipping point and freight prepaid

Reference no: EM132863010

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