Question: 1.23 Shown below are different freight terms: Freight Terms Who should shoulder Who will the freight pay a. FOB-Shipping Point - Freight Collect b. FOB

1.23 Shown below are different freight terms: Freight Terms Who should shoulder Who will the freight pay a. FOB-Shipping Point - Freight Collect b. FOB -Shipping Point - Freight Prepaid c. FOB - Destination - Freight Collect d. FOB - Destination - Freight Prepaid REQUIRED: Indicate on the blank space provided whether it is the BUYER or the SELLER. 1.24 Manila Trading Company bought merchandise from Singapore Trading Company costing P 450,000 exclusive of freight charges of P 12,000 which was paid by the right party. REQUIRED: In parallel column, record the above transactions in the books of the buyer and seller under each of the following freight terms: FOB Shipping Point - Freight Collect b. FOB Shipping Point - Freight Prepaid FOB - Destination Point - Freight Collect FOB - Destination Point - Freight Prepaid. 1.25 The following sales were reported by LINCOLN Traders during 2008: Invoice Date Terms List Price Date collected Jan. 6 20%TD. COD P 120.000 Jan. 6 Feb. 2 5% TD, n/30 P 150,000 Feb.28 inop March 1 10%, 5%. TD, n/EOM P 300,000 Mar. 31 d. April 12 2/10. n/30 P 200,000 April 22 e . May 3 2/10. 1/15.n/40 P 350,000 May 18 f . June 12 2/EOM, n/60 P 125,000 July 2 9- July 4 2/10 EOM P 140,000 Aug. 9 h. Aug. 7 10% TD. 2/10, n/30 P 160,000 Aug.17 Sept. 1 3/10,2/15.n/40 P 180,000 Sept. 17 REQUIRED: Record the Sale & Collection in the general journal

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