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Determine journal entry in the books of m to record

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Reference no: EM132728398

Problem 1: L paid P500 freight, FOB shipping point, on its sales on account to Y. The journal entry in both books of L and Y would be:

Problem 2: M purchased on account, P150,000. Inspection of merchandise revealed that P20,000 worth of merchandise are defective. M received a credit memo from supplier for P20,000 damage. The journal entry in the books of M to record the credit memo is

Reference no: EM132728398

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