Dec. 30 Jan. 5 Jan.5 Dec. 20 Dec. 29 Dec. 29 Jan. 2 Dec.28 Dec. 28 Test II: Determined whether the ownership of merchandise in transit belongs to the buyer or seller. The cut-off date is December 31, 2007. Ownership of Terms of Delivery Date Shipped Invoice date Date received Goods 1. F.O.B Shipping point Dec. 28 Dec. 31 Jan. 1 2.F.O.B Destination Dec. 27 Jan. 5 Jan. 1 3. F.O.B Destination Dec. 20 Jan. 1 4.F.O.B Shipping point Dec. 31 Dec. 30 Jan. 5 5. F.O.B Destination Dec. 20 Dec. 31 Jan. 5 6.F.O.B Shipping point Dec. 10 7.F.O.B Destination 8. F.O.B Destination Dec. 25 Jan. 2 Jan. 2 9.F.O.B Shipping point Dec. 25 Dec. 31 10.F.O.B Shipping point Dec, 25 Dec. 22 Dec. 25 11. F.O.B Shipping point Dec. 28 Dec. 25 12. F.O.B Destination Dec. 10 Dec. 30 Jan. 1 13.F.O.B Shipping point Jan. 1 Dec. 30 14. F.O.B Shipping point Jan. Dec. 31 Jan 5 15. F.O.B Destination Jan. 5 Dec. 31 Jan. 5 Test 111; 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. A. Shipping terms are F.O.B shipping point, freight collect. Oana Co. paid the shipping costs on Sept. 17 and 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. B. Shipping terms are F.O.B destination, freight Collect. Oana Co. paid the shipping costs on Sept. 17 and deducted the P60,000 from the amount owed to Caris Co. A copy of freight bill to Caris Co. was provided with the Sept 24 cash remittance. 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