Fob shipping point 1/10 net 30

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August undefined, 2024

WebAssume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30. Cash Accounts Payable (2) 150 (3) 1,980 (1) 13,860 (4) 11,880 (4) 11,880 Inventory (1) 13,860 (3) 1,980 (2) 150 a. Describe each transaction. 1. Purchased merchandise on account net of discount. 2. Paid freight. 3. WebMay 15, 2024 · The FOB portion of this term is usually considered to be an abbreviation for “Free On Board”, although you might also see F stand for freight. In any case, the meaning for the user is the same. It indicates …

FOB Terminology - Shipping Point - Southeastern Louisiana …

WebOrange Co. sold Red Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,955. Orange Co. prepaid the $248 shipping charge. Using the perpetual inventory method, which of the following entries will Red Co. make if … WebFOB Shipping Point, 2/10, net 30: $1,200 (b) $7,650: $200: FOB Destination, 1/10, net 45: $450: Expert Answer. Who are the experts? Experts are tested by Chegg as specialists … github https clone

FOB Shipping Point: Definition and Examples BooksTime

WebThe arrangements between buyer and seller as to when payments for merchandise are to be made are called credit terms net cash cash on ... Finance Test 1. 31 terms ... accounting. Salon Company originally issued 4,000 shares of $10 par value common stock for$120,000 ($30 per share). Salon subsequently purchases 400 shares of treasury stock for ... WebFOB shipping point, 1/10, n/30: $20,100: b. 147,700: 2,100: FOB destination, 2/10, n/30: 11,400: 2-Determine the amount to be paid in full settlement of each of two invoices, (a) … Weba.$90,000, $1,000, FOB shipping point, 1/10, n/30, $15,000 b.$110,000, $1,575, FOB destination, 2/10, n/30 8,500 a. $75,250 b. $99,470 Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. github https authentication failed

Solved Pierce Company sold merchandise to Stanton Company on - Chegg

FOB Shipping Point vs FOB Destination - Synder

WebSep 23, 2024 · With the FOB shipping point, the buyer takes the responsibility for lost or damaged goods and freight. Under the FOB destination — it’s the seller’s responsibility. … WebMay 22, 2024 · Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment … fun virtual work eventsWebMay 22, 2024 · Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: Merchandise Freight Paid by Seller Returns and Allowances a. $32,000 --- FOB destination, n/30 $1,600 github httpserver

"Weba.$8,100 $600 FOB shipping point, 1/10, n/30 b.3,050 600 FOB destination, 2/10, n/30 Returns and Allowances $1,700 750 ... Transactions for Buyer and Seller Sievert Co. sold merchandise to Vargas Co. on account, $5,450, terms 2/15, n/30. The cost of merchandise sold is $3,270. Assume all discounts are taken. " - Fob shipping point 1/10 net 30

Fob shipping point 1/10 net 30

WebIf merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount of the discount for early payment would be: $10 The income statement in which the total of all expenses is deducted from the total of all revenues is termed: Single-step form

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Web1. 1. 1. Compute CollegePak's break-even point in sales dollars for the year. 2. 2. 2. Compute the number of sales units required to earn a net income of $ 180, 000 \$ 180,000 $180, 000 during the year. 3. 3. 3. CollegePak's variable manufacturing costs are expected to increase by 10 10 10 percent in the coming year. Compute the firm's break ... WebMay 26, 2024 · FOB Shipping Point or ‘Free on Board Shipping Point’ or ‘FOB Origin’ is a shipping term indicating that a buyer must pay for the delivery of the goods. This means that the title of the goods passes to …

Web1. On April 5, purchased merchandise from Cullumber Company for $28,600, terms 4/10, n/30. 2. On April 6, paid freight costs of $580 on merchandise purchased from Cullumber Company. 3. On April 7, purchased equipment on account for $32,000. 4. On April 8, returned $3,500 of April 5 merchandise to Cullumber Company. 5. WebFOB SHIPPING POINT (ORIGIN) Implies that the buyer assumes title and owns the goods in transit, pays the freight bill and handles any necessary claims for loss or damage. …

WebStudy with Quizlet and memorize flashcards containing terms like May 3. Purchased merchandise on account from Floyd Co., $4,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $120 added to the invoice., 5. Purchased merchandise on account from Kramer Co., $8,500, terms FOB destination, 1/10, n/30., 6. Sold merchandise on … WebQuestion: 23) If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount of discount for early payment would be: a) $0 b) $5 c) $10 d) …

WebExpert Answer. Computation for the first part is as under:Part 1sales on a …. View the full answer. Transcribed image text: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,200. …

Webaccounting. Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $620,000, and the sales mix is 40% bats and 60% gloves. The unit selling price and the unit variable cost for each product are as follows: Products. Unit Selling Price. fun vocabulary games for elementary studentsWebNov 10, 2024 · FOB shipping point is a pricing term indicating the seller is responsible for the cost of the goods and the cost of delivering the goods to the buyer's designated … fun virtual world gamesWebThe terms FOB shipping point and FOB destination have significance in accounting because they determine the following: When a sale of goods and the related receivable … github https personal access tokenWebNov 10, 2024 · Definition and Guide. FOB is a shipping term that stands for “free on board.”. If a shipment is designated FOB (the seller’s location), then as soon as the shipment of goods leaves the seller’s warehouse, the seller records the sale as complete. The buyer owns the product en route to its warehouse and must pay any delivery charges. fun vocabulary word gamesWebAccounting questions and answers. Complete the journal entries below. terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, July1 Purchased merchandise from Boden Company for $6,000 under credit FOB shipping point, invoice dated July 2. fun volleyball awards ideasWebMar 26, 2024 · As it was FOP shipping point the freight are our duty as the transfer of posesion occur when they leave it in port ... 450 = 7,200 x 1% discount = 72. net 7,200 - … fun vocabulary activities for elementaryWebMerchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $22,500. What is the amount of sales discount allowable? $450 Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,106. The retailer receives a 28% trade discount and credit terms of 2/10, n/30. github https push