Transcribed Image Text: On June 16, 2014, ABC sold merchandise to XYZ with a list price of $10,000, trade discount 20% and 25%, 2/10, n/30.

Transcribed Image Text: On June 16, 2014, ABC sold merchandise to
XYZ with a list price of $10,000, trade
discount 20% and 25%, 2/10, n/30. They were
received by XYZ on the same date. Freight
charges were $600.
Under each of the following independent
situations, prepare all relevant journal entries
on the books of (a) ABC and (b) XYZ:
a. FOB Shipping Point, freight collect. XYZ
settled his account with ABC in full on June
24.
b. FOB Destination, freight prepaid. XYZ
settled his account with ABC in full on June
25.
c. FOB Shipping Point, freight prepaid. XYZ
settled his account with ABC in full on June
26.
d. FOB Destination, freight collect. XYZ settled
his account with ABC in full on June 24.
e. FOB Shipping Point, freight collect. XYZ
settled his account with ABC in full on June
27.
f. FOB Destination, freight collect. XYZ settled
his account with ABC in full on June 28.

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