Fob shipping point 1/10 net 30

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. WebAccounting 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.

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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 … 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 … earth continents fill https://threehome.net

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WebMar 26, 2024 · Merchandise Freight Paid by Seller Freight Terms Returns and Allowances (a) $4,500 $140 FOB shipping point, 2/10, net 30 $1,200 (b) $7,650 $200 FOB destination, 1/10, net 45 $450 a. $ b. $ See answers Advertisement TomShelby Answer: a $ 3,094 b $ 7, 128 Explanation: Nominal 4,500 - 1,200 return = 3,300 net 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 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 … earth continuity test fail

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Fob shipping point 1/10 net 30

Solved Question Content Area Pierce Company sold to Stanton

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. …

Fob shipping point 1/10 net 30

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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 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 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, 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 … WebANSWER (a) MERCHANDISE - RETURNS AND ALLOWANCE $4,500 - $1,200 = $3,300 THEN …. Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Returns and Allowances Freight Paid Merchandise by …

WebNov 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. 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.

WebMerchandise 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.

Web685. Cost of goods sold = Beginning inventory + Inventory purchased - Ending inventory = $210 + $635 - $160 = $685. A sales invoice included the following information: merchandise price, $5,300; terms 1/10, n/eom; FOB shipping point with prepaid freight of $589 added to the invoice. Assuming that a credit for merchandise returned of $1,100 is ... earth continents videoWebStudy 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 … earth continuity test limitWebThe 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 … earth continents map minecraftWebPierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale? sales tax … earth continuity test nzWebPierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $600. Pierce prepaid the $70 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable-Stanton, debit $70; Sales, credit $70 earth continents formedWebQuestion: 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) … c# textbox invoke exampleWebMay 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 … c# textbox ip format