WebPurchased merchandise from Veggie Co., $29,840, terms FOB shipping point, n/eom. ... Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a ... WebOn May 21, shipping terms were FOB Shipping Point meaning we, as the buyer, must pay for shipping. Under the perpetual inventory system, remember we only use 3 accounts: Cash, Inventory and Accounts Payable. We want to constantly update the inventory balance to match what we actually paid. We will debit Inventory for the shipping cost and ...
Freight Expense - Definition, Factors, How To Record
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. … WebFinance questions and answers. Shore Co. sold merchandise to Blue Star Co. on account, S112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is S67,200. 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 ... soin chatelaillon
FOB DEFINITION SHIPPING TERMS OF SALE
WebStudy with Quizlet and memorize flashcards containing terms like If goods are shipped FOB destination, who is responsible for the shipping costs?, If the buyer is to pay the transportation cost of delivering merchandise, the freight or shipping terms would be stated as:, Which of the following items is not a product cost? A. Transportation cost on goods … WebMay 18, 2024 · Two differences distinguish FOB shipping point from FOB destination: which party pays for shipping and the point ownership of goods transfers from seller to … WebNov 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 … sludgy soak crossword