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Test lll; On Sept. 16, 2007, Caris Co. sold merchandise to Oana Co. for P600,000,...

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Accounting

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Test lll; On Sept. 16, 2007, Caris Co. sold merchandise to Oana Co. for P600,000, terms 2/10,n/30. Shipping costs were P60,000. Oana Co. received the goods and Caris Co.'s invoice on Sept. 17. Both Caris Co. and Oana Co. use the periodic inventory system. The following are several arrangements regarding the shipping costs. C. Shipping terms are F.O.B shipping point, freight prepaid. Caris Co. paid the shipping costs on Sept. 17. Oana Co. remitted cash on Sept. 24. Requirements; 1. Prepare the entries for Caris Co. to record the sale and cash receipts. 2. Prepare the entries for Oana to record the purchase, the payment of shipping costs and cash remittance. D. Shipping terms are F.O.B destination, freight prepaid. Caris Co. paid the shipping costs on Sept. 17 and. Oana Co. remitted the cash on Sept. 24. Requirements; 1. Prepare the entries for Caris Co. to record the sale and cash receipts. 2. Prepare the entries for Oana to record the purchase, the payment of shipping costs and cash remittance

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