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 … 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 …
Solved 23) If merchandise is sold on account to a company - Chegg
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) … 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. raiden mythology
Solved Complete the journal entries below. terms of 1/15,
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 ... 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. 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. raiden nissan of auburn