Fob shipping point 1/10 net 30

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. WebPierce 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

Chapter 6 Accounting (EXAMPLES OF TRANSACTIONS)

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. 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 … bio freak pre workout https://carsbehindbook.com

Accounting 1 - Ch. 6 Flashcards Quizlet

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. 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. 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 ... daikin inverter ac pcb warranty

Accounting - Chapter 5 Flashcards Quizlet

Category:Accounting - Chapter 5 Flashcards Quizlet

Tags:Fob shipping point 1/10 net 30

Fob shipping point 1/10 net 30

Determine the amount to be paid in full settlement of …

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 … 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

Did you know?

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 … 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

WebFOB Shipping Point, 1/10, net 30: $1,200 : b. $12,600 : $65 : FOB Destination, 2/10, net 45: $2,800 : a.$ b.$ Expert Answer. Who are the experts? Experts are tested by Chegg as specialists in their subject area. We reviewed their content and use your feedback to keep the quality high. 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 ...

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 designated … 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

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) …

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. daikin inverter ac remote functionsWebNet income plus operating expenses is equal to a. cost of goods sold b. cost of merchandise c. sales ... June 5. Paid cash for insurance, $300.00. C2. 9. Bought supplies on account from Bayside Supplies,$700.00. M1. 10. Paid cash on account to Bayside Supplies, $400.00. C3. Journalize the transactions continuing on the next blank line of page 1 ... bio frederick douglassWebFOB 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 … daikin inverter air conditioner manualWebSep 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. … daikin inverter air conditioner heatWebMerchandise 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. daikin inverter air conditioner instructionsWebMay 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 … bio frederick marchWeba.$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. daikin inverter air conditioner price