College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 11, Problem 5TF
FOB shipping point means that transportation charges are paid by the seller.
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When the transportation charges are paid by the seller, merchandise is shipped
a. FOB destination
b. FOB shipping
c. FOB carrier
d. Prepaid
It is used to who is responsible for paying shipping and when the title of the goods passes from seller to buyer: This term will be applicable to
a.
Discount term
b.
Credit terms
c.
Cash term
d.
Shipping terms
It is used to show who is responsible for paying for shipping and when the title of the goods passes from seller to buyer in a merchandise business:
a.
Payment term
b.
Discount term
c.
Credit term
d.
Shipping term
Chapter 11 Solutions
College Accounting, Chapters 1-27
Ch. 11 - Prob. 1TFCh. 11 - Prob. 2TFCh. 11 - A trade discount is a reduction from the list or...Ch. 11 - Prob. 4TFCh. 11 - FOB shipping point means that transportation...Ch. 11 - Prob. 1MCCh. 11 - In the income statement, Freight-In is (a) added...Ch. 11 - Prob. 3MCCh. 11 - The difference between merchandise available for...Ch. 11 - Prob. 5MC
Ch. 11 - Prob. 1CECh. 11 - Prob. 2CECh. 11 - Prob. 3CECh. 11 - Prob. 4CECh. 11 - Identify the major documents commonly used in the...Ch. 11 - Prob. 2RQCh. 11 - What is a voucher system?Ch. 11 - Prob. 4RQCh. 11 - Describe how each of the following accounts is...Ch. 11 - How are cost of goods sold and gross profit...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - What steps are followed in posting purchases...Ch. 11 - What steps are followed in posting cash payments...Ch. 11 - Prob. 11RQCh. 11 - If the total of the schedule of accounts payable...Ch. 11 - Prob. 1SEACh. 11 - Prob. 2SEACh. 11 - Prob. 3SEACh. 11 - Prob. 4SEACh. 11 - JOURNALIZING PURCHASES TRANSACTIONS Journalize the...Ch. 11 - JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND...Ch. 11 - Prob. 7SEACh. 11 - SCHEDULE OF ACCOUNTS PAYABLE Ryans Express, a...Ch. 11 - PURCHASES TRANSACTIONS J. B. Speck, owner of...Ch. 11 - CASH PAYMENTS TR ANS ACTIONS Sam Santiago operates...Ch. 11 - PURCHASES AND CASH PAYMENTS TRANSACTIONS Emily...Ch. 11 - SCHEDULE OF ACCOUNTS PAYABLE Based on the...Ch. 11 - Prob. 1SEBCh. 11 - TRADE DISCOUNT AND CASH DISCOUNTS Merchandise was...Ch. 11 - PURCHASE TRANSACTIONS AND T ACCOUNTS Using T...Ch. 11 - COMPUTING GROSS PROFIT The following data were...Ch. 11 - JOURNALIZING PURCHASES TRANSACTIONS Journalize the...Ch. 11 - JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND...Ch. 11 - Prob. 7SEBCh. 11 - SCHEDULE OF ACCOUNTS PAYABLE Crystals Candles, a...Ch. 11 - PURCHASES TRANSACTIONS Ann Benton, owner of...Ch. 11 - CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates...Ch. 11 - PURCHASES AND CASH PAYMENTS TRANSACTIONS Debbie...Ch. 11 - SCHEDULE OF ACCOUNTS PAYABLE Based on the...Ch. 11 - You are working as a summer intern at a rapidly...Ch. 11 - Prob. 1ECCh. 11 - Michelle French owns and operates Books and More,...Ch. 11 - Prob. 1CP
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following is not a characteristic of FOB Shipping Point? A. The buyer pays for shipping. B. The buyer owns goods in transit. C. The point of transfer is when the goods leave the sellers place of business. D. The point of transfer is when the goods arrive at the buyers place of business.arrow_forwardWhich of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payablearrow_forwardWhich of the following is not a characteristic of FOB Destination? A. The seller pays for shipping. B. The seller owns goods in transit. C. The point of transfer is when the goods leave the sellers place of business. D. The point of transfer is when the goods arrive at the buyers place of business.arrow_forward
- If the seller assumes the entire cost of transportation, without any reimbursement from the buyer, the freight terms are considered ______________. a. FOB shipping point b. FOB destination c. Freight in d. Freight out e. FOB freightarrow_forwardFreight on Board (FOB) shipping point requires that the seller pays the shipping cost.. True or Falsearrow_forwardIf title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are a. consigned b. n/30 c. FOB shipping point d. FOB destinationarrow_forward
- If goods are sold on terms FOB shipping point, the ________. A. seller normally pays the transportation costs B. buyer normally pays the transportation costs C. shipping company bears the transportation cost D. buyer and the seller split the transportation costsarrow_forwardDistinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Inventory by the purchaser and a debit to Freight-Out by the seller.arrow_forwardDistinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Inventory by the buyer and a debit to Freight-Out by the seller.arrow_forward
- A seller generally records sales at the full invoice price, butthe buyer often records purchases at net cost. Explain the logic of the buyer and seller recording the transaction at dif-ferent amounts.arrow_forwardWhich of the following is not a characteristic of FOB Destination?A. The seller pays for shipping.B. The seller owns goods in transit.C. The point of transfer is when the goods leave the seller’s place of business.D. The point of transfer is when the goods arrive at the buyer’s place of businessarrow_forwardDistinguish between FOB Shipping Point and FOB Destination. Identify the freight terms that will result in a debit to Inventory and which one will result in a debit to Freight expenses by the seller.arrow_forward
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