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Prepare the entries in the book of ABC Corporation

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Question - Assume that ABC corporation purchased merchandise from DEF Company with an invoice price of Php 200,000; terms: FOB Shipping Point, 3/10, n/30 The purchased took place on November 3, 2016. DEF Company prepaid the freight charges of Php 3,000. The ABC paid the full account on November 11, 2016. Assume further that the ABC corporation uses periodic inventory system. Prepare the entries in the book of ABC Corporation to record the purchased and payment under;

a) Gross Method

b) Net Method

Reference no: EM132543455

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