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

Preoaration of journal entries for partnership liquadation.., tugade ,masin...

tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather

Course project, how to develop a course project having to do with writing n...

how to develop a course project having to do with writing notes for a fictitious annual report

What is depreciable amount, Q. What is depreciable amount? The dissimil...

Q. What is depreciable amount? The dissimilarity between assets's cost and its estimated residual value is an asset's depreciable amount. To persuade the matching principle the

Explain business entity concept, Q. Explain business entity concept? Su...

Q. Explain business entity concept? Suppose for instance that you own two businesses 1) a physical fitness centre and 2) a horse stable. As per to the business entity concept y

After the accounts are adjusted and closed at the end, After the accounts a...

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,90

Peachtree accounting, what are the options of setting up companies chart of...

what are the options of setting up companies chart of account

EM131231605L27, My assignment was due to me by 9:52 my time.

My assignment was due to me by 9:52 my time.

Taxes, ACCT225-1204A-01 Introduction to Tax Task Name: Phase 5 Individual ...

ACCT225-1204A-01 Introduction to Tax Task Name: Phase 5 Individual Project Deliverable Length: All applicable tax forms and a Word document of 1–2 pages Details: Weekly tasks or

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