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Under FOB Shipping Point, buyer is responsible for delivery charges. If the seller prepays delivery charges then the journal entry in books of the seller is as follows
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Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them...
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for...
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,100. Pierce prepaid the $261 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $9,361; Sales, credit $9,361 Ob Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100 Oc. Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100, and Delivery Expense, debit $261; Cash, credit $261 Od. Accounts Receivable --Stanton, debit $9,009; Sales, credit $9,009, and Accounts Receivable - Stanton,...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10,...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount to be recorded as accounts receivable is: O $10,000 $10,050 $9,950 none of the above
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for...
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,500. Emma Co, prepaid the $820 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make for the payment for the merchandise if Isabella Co, pays within the discount period? Oa. Accounts Payable --Emma Co., debit $10,500; Cash, credit $10,500 Ob. Accounts Payable-Emma Co., debit $11,215; Cash, credit $11,215 Oc. Accounts Payable-Emma Co., debit $10,500; Freight In, debit...
When a company repays the seller for shipping costs on an FOB shipping point transaction, which...
When a company repays the seller for shipping costs on an FOB shipping point transaction, which of the following is TRUE? O A. A purchase discount can still be taken on the gross amount of the invoice OB. A purchase discount cannot be taken when shipping charges are prepaid OC. A purchase discount can still be taken net of the prepaid shipping charges. OD. The shipping costs do not affect the invoice value
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms...
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 2/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.) Question 9 options: A) a debit to Accounts Payable for $2,940, a debit to Merchandise Inventory for $60, and a credit to Cash for $3,000 B)...
Exercise 4-23A (Algo) Periodic-Recording sales, purchases, shipping, and returns: buyer and seller .O P5 Sydney Retailing...
Exercise 4-23A (Algo) Periodic-Recording sales, purchases, shipping, and returns: buyer and seller .O P5 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. lay 11 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,740. Sydney pays $660 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,600 of the $22,000 of goods to Troy,...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
5 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing...
5 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. ts May 11 Sydney accepts delivery of $26,880 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $520 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $26,eee of goods to...
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10,...
Shore Co. sold merchandise to Blue Star Co. on account,
$112,000, terms FOB shipping point, 2/10, n/30. The cost of the
goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize
the entries for Shore and Blue Star for the sale, purchase, and
payment of amount due. Refer to the appropriate company’s Chart of
Accounts for exact wording of account titles. However, it is
telling me that delivery expense is wrong for the freight paid
description and nothing else...
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,100. Pierce prepaid the $261 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $9,361; Sales, credit $9,361 Ob Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100 Oc. Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100, and Delivery Expense, debit $261; Cash, credit $261 Od. Accounts Receivable --Stanton, debit $9,009; Sales, credit $9,009, and Accounts Receivable - Stanton,...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount to be recorded as accounts receivable is: O $10,000 $10,050 $9,950 none of the above
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,500. Emma Co, prepaid the $820 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make for the payment for the merchandise if Isabella Co, pays within the discount period? Oa. Accounts Payable --Emma Co., debit $10,500; Cash, credit $10,500 Ob. Accounts Payable-Emma Co., debit $11,215; Cash, credit $11,215 Oc. Accounts Payable-Emma Co., debit $10,500; Freight In, debit...
When a company repays the seller for shipping costs on an FOB shipping point transaction, which of the following is TRUE? O A. A purchase discount can still be taken on the gross amount of the invoice OB. A purchase discount cannot be taken when shipping charges are prepaid OC. A purchase discount can still be taken net of the prepaid shipping charges. OD. The shipping costs do not affect the invoice value
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
Exercise 4-23A (Algo) Periodic-Recording sales, purchases, shipping, and returns: buyer and seller .O P5 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. lay 11 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,740. Sydney pays $660 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,600 of the $22,000 of goods to Troy,...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
5 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. ts May 11 Sydney accepts delivery of $26,880 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $520 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $26,eee of goods to...
Shore Co. sold merchandise to Blue Star Co. on account,
$112,000, terms FOB shipping point, 2/10, n/30. The cost of the
goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize
the entries for Shore and Blue Star for the sale, purchase, and
payment of amount due. Refer to the appropriate company’s Chart of
Accounts for exact wording of account titles. However, it is
telling me that delivery expense is wrong for the freight paid
description and nothing else...
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