n a transaction where the merchandise invoice indicates F.O.B. shipping point, who pays the cost of...
n a transaction where the merchandise invoice indicates F.O.B. shipping point, who pays the cost of shipping?
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The freight forwarder |
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The common carrier |
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The seller |
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The buyer |
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None of the above |
Homework Answers
The answer is the The Buyer
FOB shipping point stands for Free on Board Shipping Point
i.e. the seller is responsible only till the shipping point
All risks and expenses post that are to be born by the buyer
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n a transaction where the merchandise invoice indicates F.O.B.
shipping point, who pays the cost of...
On May 12, Digital Distributors received three shipments of merchandise. The first was shipped F.O.B. shipping...
On May 12, Digital Distributors received three shipments of merchandise. The first was shipped F.O.B. shipping point, had a total invoice price of $142,500, and was delivered by a trucking company that charged an additional $8,300 for transportation charges from Digital. The second was shipped F.O.B. shipping point and had a total invoice price of $87,250, including transportation charges of $5.700 that were prepaid by the seller. The third shipment was shipped F.O.B. destination and had an invoice price of...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point wit...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,200 added to the invoice. Assuming that a credit for merchandise returned of $1,000 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? a.$990 b.$7,833 c.$9,813 d.$8,823
Alpha used a periodic inventory system. Merchandise was purchased on account for $2,000. The transaction was...
Alpha used a periodic inventory system. Merchandise was purchased on account for $2,000. The transaction was F.O.B. shipping point. Freight of $100 was originally paid by the seller. Alpha's journal entry to reflect this purchase includes debits to:
73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense...
73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense account. This error would cause: a. the period end assets to be understated b. the period end liabilities to be understated c. the period’s net income to be overstated d. None of the above. 74. The return of merchandise was recorded as a debit to Accounts Payable and a credit to Purchases. This error would cause: a. the period end assets to be understated...
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
What happens when merchandise is delivered FOB Destination? Multiple Choice The seller pays the freight cost....
What happens when merchandise is delivered FOB Destination? Multiple Choice The seller pays the freight cost. The seller pays the freight cost and records an expense. The seller records transportation-out expense. The buyer pays the freight cost.
When seller pays for shipping, the cost of freight is added to the cost of inventory...
When seller pays for shipping, the cost of freight is added to the cost of inventory by debiting Merchandise Inventory. Select one: True False
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,...
Check Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (b...
Check 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. May 11 Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy! Invoice dated May 11, terms 3/10, n/90, POB shipping point. The goods cost Troy $21,105. Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $31,500 of goods to Troy,...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was...
On May 12, Digital Distributors received three shipments of merchandise. The first was shipped F.O.B. shipping point, had a total invoice price of $142,500, and was delivered by a trucking company that charged an additional $8,300 for transportation charges from Digital. The second was shipped F.O.B. shipping point and had a total invoice price of $87,250, including transportation charges of $5.700 that were prepaid by the seller. The third shipment was shipped F.O.B. destination and had an invoice price of...
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
When seller pays for shipping, the cost of freight is added to the cost of inventory by debiting Merchandise Inventory. Select one: True False
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,...
Check 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. May 11 Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy! Invoice dated May 11, terms 3/10, n/90, POB shipping point. The goods cost Troy $21,105. Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $31,500 of goods to Troy,...
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