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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.
At the end of the current year, $19,900 of fees have been earned but not billed to clients. a. What is the adjustment to record the accrued fees? Indicate each account affect
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On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
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Case Study : Briana Hope has had a long-standing love affair with technology and an appetite for apps. She believes that business owners that are not taking advantage of apps to
Q. Explain about Accounting transaction? An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabiliti
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