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Ramos sold merchandise on account to Cammayo, P162,000. Terms: FOB destination; 2/10, n/30. Freight charges amounted to P2,000. Choose the the correct entry to record this transaction.
Dr. Merchandise Cr. Cash
Dr. Sales Cr. Cash
Dr. Cash Cr. Accounts Receivable
Dr. Accounts Receivable Cr. Sales
Perlada sold merchandise on account to Orion Co., P710,000. Terms: FOB shipping point; 2/10, n/30. Freight charges amounted to P8,000. Sales Discount to be credited
debited( credited, debited ) is in the amount of P14,200
P14,360( P14,200, P14,360 ).
Returned a potion of the office supplies received for credit because the wrong items were sent, P4,000. Entries to be recorded are: Debit , Credit .
Wrong Inc. purchased merchandise on credit from Magallanes Corp, terms: n/30, FOB destination, P95,400. Freight costing P600. Who should pay the shipper?
Armando Lo Company entered into the following transactions during the month of June 2015:
June 2 Purchased P1,000 tires at a cost of P600 per tire. Terms of payment: 1/10 net 30.
4 Paid trucking firm P8,000 to ship the tires purchased on June 2.
5 Purchased 600 tires at a cost og P600 per tire. Terms of payment: 2/10, net 30.
6 Paid trucking firm P5,000 to ship the tires purchased on June 5.
7 Returned 150 of the tires ourchased on June 2 because they were defective. Received a credit on open account from the seller.
11 Paid for tires purchased on June 2.
13 Sold 700 tires from those purchased on June 2. The selling price was P900 per tire. Terms 1/10, net 30
22 Received cash from sale of tires on June 13.
30 Paid for tires purchased on June 5.
Entries to be recorded on:
June 2 Debit Purchases P60,000
4 Debit P8,000
Credit Cash P8,000
5 Debit P36,000
Credit Accounts Payable P36,000
6 Debit P5,000
Credit Cash P5,000
7 Debit P90,000
Credit Purchase Returns & Allowances P90,000.
11 Accounts Payable P510,000
Purchase Discount P5,100
Credit Cash P504,900.
13 Debit Accounts Receivable P
Credit Sales P
22 Debit Cash P
Sales Discount P
30 Debit Accounts Payable P
Credit Cash P