For each of the following S. Masangkap Company purchases, assume that credit terms are 2/10, n/30...

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For each of the following S. Masangkap Company purchases, assume that credit terms are 2/10, n/30 and that credit memorandum was issued and known before S. Masangkap Company made the payments. Purchases Shipping Terms L. 12,000 24,000 28,000 40,000 FOB Shipping Point FOB Destination FOB Shipping Point Required: a. FOB Shipping Point Prepaid Freight (by seller) 1,000 2,400 3,000 Credit Memo 3,000 2,000 4,000 Discount Required: a. Determine the discount available (assume that the payment is within the discount period) b. Determine the cash remitted if the payment is made within the discount period Remittance (Payment) B. On March 10, 2020, Ramirez Company purchased P18,000 worth of merchandise from Valencia Company; terms 1/10, FOB Shipping Point. On March 12, Ramirez paid P360 freight on the shipment. On March 15, Ramirez returned P2,000 of merchandise for credit. Final payment was made to Valencia on March 19. Ramirez Company uses the periodic inventory system. Prepare journal entries for Ramirez Company For each of the following S. Masangkap Company purchases, assume that credit terms are 2/10, n/30 and that credit memorandum was issued and known before S. Masangkap Company made the payments. Purchases Shipping Terms L. 12,000 24,000 28,000 40,000 FOB Shipping Point FOB Destination FOB Shipping Point Required: a. FOB Shipping Point Prepaid Freight (by seller) 1,000 2,400 3,000 Credit Memo 3,000 2,000 4,000 Discount Required: a. Determine the discount available (assume that the payment is within the discount period) b. Determine the cash remitted if the payment is made within the discount period Remittance (Payment) B. On March 10, 2020, Ramirez Company purchased P18,000 worth of merchandise from Valencia Company; terms 1/10, FOB Shipping Point. On March 12, Ramirez paid P360 freight on the shipment. On March 15, Ramirez returned P2,000 of merchandise for credit. Final payment was made to Valencia on March 19. Ramirez Company uses the periodic inventory system. Prepare journal entries for Ramirez Company

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1a Determine the discount available 12000 with a discount of 2 Discount 12000 2 240 24000 w... View the full answer