The freight terms on the June 2 transaction were F.O.B. destination. The freight (shipping) cost of $2,000 was paid in cash to Mitchell Trucking on June 4. Which company must pay the freight charges?
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The freight terms on the June 2 transaction were F.O.B. destination. The freight (shipping) cost of $2,000 was paid in cash to Mitchell Trucking on June 4. Which company must pay the freight charges?
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- On October 1, XYZ Company purchased P6,000 worth of goods on terms of 2/15,n/30. Freight of P500 was prepaid by the seller under the term FOB shipping point. Goods worth P1,000 were returned on October 2 and the account was paid on October 3. The discount received from the seller wasOn October 1 ace company purchased P6,000 worth of goods on terms of 2/15, n/30. Freight of P500 was prepaid by the seller under the term FOB Shipping Point, goods worth P1,000 were returned and the account was paid on October 3. Discount received from the seller wasOn October 1, Ace Company purchased P6,000 worth of goods on terms of 2/10, n/30. Freight of P500 was prepaid by the seller under the term FOB Shipping Point, goods worth P1,000 were returned and the account was paid on October 10. The net cost of purchases was
- On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of ₱3,000. The goods were shipped by ABC on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to ₱20. ABC Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x2?The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, n/15. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1.…The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, n/15. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth…
- The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $14,800, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $9,300. 8. Swan Company sold merchandise on account to Bird Company, $23,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $13,800. 8. Swan Company paid freight of $820 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $11,800, terms FOB shipping point, n/45. The cost of the merchandise sold was…The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $14,800, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $9,300. 8. Swan Company sold merchandise on account to Bird Company, $23,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $13,800. 8. Swan Company paid freight of $820 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $11,800, terms FOB shipping point, n/45. The cost of the merchandise sold was…The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. 2. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16. Beartooth Co. paid Summit Company for purchase of August 1. Aug. 20. Summit Company paid Beartooth Co. a cash refund of $1,000…
- The following selected transactions were completed during April between Swan Company and Bird Company:Apr. 2. Swan Company sold merchandise on account to Bird Company, $32,000, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $19,200.8. Swan Company sold merchandise on account to Bird Company, $49,500, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $29,700.8. Swan Company paid freight of $710 for delivery of merchandise sold to Bird Company on April 8.12. Bird Company paid Swan Company for purchase of April 2.18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise.23. Bird Company paid Swan Company for purchase of April 8.24. Swan Company sold merchandise on account to Bird Company, $67,350, terms FOB shipping point, n/45. The cost of the merchandise sold was $40,400.26. Bird…On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of 2/10, n/30. Freight costs amounted to P5,000. The goods were received by the buyer on January 15, 20XX. Karl Co. collected the receivable on January 23, 20XX. How much net cash did Karl receive from the buyer if the terms are FOB destination, freight prepaid?how do i prepare the journal entry ? Assume that Sunland Company received the balance due from Culver Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2 Presented below are transactions related to Sunland Company. 1. On December 3, Sunland Company sold $650,000 of merchandise on account to Culver Co., terms 2/10, n/30, FOB destination. Sunland paid $300 for freight charges. The cost of the merchandise sold was $353,600. 2. On December 8, Culver Co. was granted an allowance of $29,500 for merchandise purchased on December 3. 3. On December 13, Sunland Company received the balance due from Culver Co.
