1. On April 5, 2020, Company A sold the merchandise to Company L for P50,000 under the terms: 2/10, n/30 FOB Shipping Point freight prepaid. Company A being the shipper who paid the freight in the amount of P2,000. On April 12, Company L paid the account in full in the amount of $50,960. Company A notifies Company L that the amount to be paid is not P50,960 but P51,000. Whose statement do you think is correct A or L ? Explain

2. ABC Enterprise is a grocery store that sells items in high volume but at relatively low prices. The entity has a computerized system (point of sale scanner) to efficiently account for all items sold. The accountant decided to use the periodic inventory system because the entity sells high-volume, low-priced items, however at the end of the period a physical count of the goods must be performed to establish unsold items (end of inventory). goods). Do you agree with the accountant? If the answer is Yes , why? If the answer is No , please support your answer.

Answer rating: 100% (QA)

1 Based on the information provided it seems that Company Ls statement is correct The terms of the s... View the full answer