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Q. Explain FOB shipping point freight collect?
FOB shipping point freight collect - Buyer both initially pays and incurs the freight chargers. The proper party (buyer) paid the shipment. The buyer debits Transportation-In as well as credits Cash.
FOB destination freight prepaid - Seller both initially pays and incurs the freight charges. The proper party (seller) paid the shipment. The seller debits Delivery Expense as well as credits Cash.
FOB shipping point freight prepaid - Buyer incurs the freight chargers as well as seller initially pays the freight charges. Buyer should reimburse seller for freight charges. The seller debits Accounts Receivable as well as credits Cash upon paying the freight. The buyer debits Transportation-In in addition to credits Accounts Payable when informed of the freight charges.
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
Q. Example of Periodic inventory procedure? Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards n
Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
Difference between Debit and Credit Debit- used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period
how the minority interest will be calculated?
Importance of The bank statement Bank sends out bank statements each month. It's significant that this statement and checking account balance balances. There are certain items
Q. Describe about Expense? Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditu
Why to and by using in journal, trading a/c, p&l a/c and ledger?
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