Problem #9 On Mar. 10, 2018, Rey Rabago Fruits purchased P18,000 worth of merchandise from...
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Accounting
Problem #9 On Mar. 10, 2018, Rey Rabago Fruits purchased P18,000 worth of merchandise from Marcos Gener Castillo; terms 1/10, n/30, F.O.8. shipping point. On Mar. 12, paid P360 freight on the shipment. On Mar. 15, Rabago returned P2,000 of merchandise for credit. Final payment was made to Castillo on Mar. 19. Rey Rabago Fruits uses the periodic inventory system. Required: 1. Prepare the journal entries for Rey Rabago Fruits. 2. Prepare the journal entries assuming that the terms are F.O.B. destination
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