Fob shipping point terms ex. 1/15 n30
WebStudy with Quizlet and memorize flashcards containing terms like During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost of the merchandise sold is $875,000. What is the amount of the gross profit?, Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. … Web87,300 b. 86,427 c. 92,048 d. 90,824 3. On December 29, 20x1, Fender Co. sold goods with selling price of P250,000, on account. Fender Co. shipped the goods on that date and paid shipping costs of P20,000. The terms of the sale are FOB shipping point, freight prepaid. The buyer received the goods, and settled the account, on Jan. 17, 20x2.
Fob shipping point terms ex. 1/15 n30
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WebFOB shipping point Terms (ex. 1/10, n30) Assignment Requirements: Create and post a PowerPoint presentation You must be creative by using pictures to describe how … WebNov 10, 2024 · 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.
WebPierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $400. Pierce prepaid the $30 shipping charge. Which of the following entries does Pierce make to record this sale? ... 15 terms. allie83795. Lesson 5.1-5.6: Mirrors. 118 terms. eggydu. Sets found in the same folder. Chapter 6 Quiz. 20 terms ... WebNov 30, 2024 · In FOB shipping point agreements, the seller pays all transportation costs and fees to get the goods to the port of origin. Once the goods are at the point of origin and on the...
WebSales-related transactions Merchandise is sold on account to a customer for $8.000, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $300. Determine the following: (a) amount of the sale, (b) amount debited to Accounts Receivable, (c) amount of the discount for early payment. and (d) amount due within the discount period. WebYou can't determine who pays for shipping (freight) costs unless you understand the shipping terms FOB Shipping Point and FOB Destination.This video explains...
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 …
WebSales-related transactions Merchandise is sold on account to a customer for $8.000, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $300. Determine the following: (a) amount of the sale, (b) amount debited to Accounts Receivable, (c) amount of the discount for early payment. and (d) amount due within the discount period. sample custody reference letterWebTerms Provide an example of how Terms (ex. 1/15, n30) can save the purchaser money and why it is beneficial for a seller to offer Terms. The purchase discount Terms can help the purchaser save money if the purchase is made within a certain time frame the cost is cheaper opposed to ordering later or off schedule for the supplier to reup on sales. It … sample customer reviews for computer servicesWeb14 Purchased tennis shirts and shorts from Everet Sportswear ¥800, FOB shipping point, terms 3/10, n/60. 15 Received cash refund of ¥50 from Li Sports for damaged merchandise that was returned. 17 Paid freight on Everet Sportswear purchase ¥30. 18 Sold merchandise to members ¥980, terms n/30. The cost of the merchandise sold was ¥520. sample customer focused objectivesWebStudy with Quizlet and memorize flashcards containing terms like July 1: Purchased merchandise from Boden Company for 6,000 under credit terms 1/15, n/30, FOB shipping point, Invoice dated July 1, July 2: Sold merchandise to Creek Co. for 900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had … sample culminating activity for humsssample customer journey mappingWebStudy with Quizlet and memorize flashcards containing terms like Sold merchandise on account to Landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $20,000., Sold merchandise for $86,000 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $51,600., Sold merchandise on … sample customer service manager resumeWebACCOUNTI NG Information on FOB Destination, FOB Shipping Point & Terms (ex. 1/15, n30) FOB DESTINATION FOB destination is a contraction of the term " Free on Board … sample customer service manager bio