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Prepare the entries in the books of ABC Corporation

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Reference no: EM132550132

Question - Assume that ABC Corporation purchased merchandise from DEF Company with an invoice price of P200,000; terms: FOB Shipping Point, 3/10, n/30 The purchased took place on November 3, 2016. DEF Company prepaid the freight charges of P3,000. ABC paid the full account on November 11, 2016. Assume further that ABC Corporation uses periodic inventory system. Prepare the entries in the books of ABC Corporation to record the purchase and payment under: a) Gross Method b) Net Method.

Reference no: EM132550132

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