Explain fob shipping point freight collect, Accounting Basics

Assignment Help:

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.


Related Discussions:- Explain fob shipping point freight collect

Example of current ratio, Q. Example of current ratio? The current asse...

Q. Example of current ratio? The current assets and current liabilities and current ratios of some other companies as of the third quarter of 2001 were As you are able to se

A store receives $400 cash after offering a chain discount, A store receive...

A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00

After the closing entries are posted to the ledger, After the closing entri...

After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi

How is a journal entry recorded?, Journal Entries are recorded on a double ...

Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed. ? Enter the J

Define Accounting, define accounting. Briefly explain its concepts

define accounting. Briefly explain its concepts

Adjustments for accrued items, Q. Adjustments for accrued items? Accrue...

Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a

Explain about manufacturing companies, Q. Explain about Manufacturing compa...

Q. Explain about Manufacturing companies? Manufacturing companies purchase materials convert them into products and then sell the products to other companies or else to the fin

Standards and conventions of accounting, Investigate the principles, standa...

Investigate the principles, standards and conventions of accounting by:   assessing  the need for financial information, its purpose and limitations   analysing the role

Submitted assignment, I submitted an assignment this morning and have heard...

I submitted an assignment this morning and have heard nothing back

Illustrate lcm method, Q. Illustrate lower-of-cost-or-market method? Pr...

Q. Illustrate lower-of-cost-or-market method? Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around th

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd