Multiple choice fice salaries, depreciation of office equipment, and office supplies are2. Expenses that are incurred directly or entirely in connection with the sale of1. Julie Beth Company bought goods from Lisel Company, with shipping terms FOBdestination. Which of the following statements correctly identifies who is toCurrent Liabia.Current AsseNameS Merchandise inveDateCourse and SectionScoreb.Long-Term AC.Instruction: Encircle the letter of your choice.d. Long-Term LWhich account iSales Salarie6.a.b. TransportatSales Discoupay the freight bill when the title is transferred?a. Lisel pays transportation, and title is exchanged when goods are unlcadedat Julie Beth Company.b. Julie Beth pays transportation, and title is·exchanged when goods areloaded at Lisel Company.C.d. AdvertisingC. Lisel pays transportation, and title is exchanged when goods are unloadedat Lisel Company.7. When comparirthat changes thStatementa.b. Statementd. The buyer pays the freight, thus the term FOB (free on board).StatementC.d. Statementmerchandise are classified asa. selling expensesb. general expensesC other expensesd. administrative expensesUsing the follosold?PurchasesMerchandise inSales returns arPurchases returPurchases discoMerchandise inSalesTrmples of what type of expense ?selling expensemiscellaneous expenseadminittC.

FOB is also written as free on board/ freight on board. In FOB destination, ownership is transferred…

destination. Which of the following statements correctly identifies who is to Julie Beth Company bought goods from Lisel Company, with shipping terms FOB pay the freight bill when the title is transferred?

destination. Which of the following statements correctly identifies who is to Julie Beth Company bought goods from Lisel Company, with shipping terms FOB pay the freight bill when the title is transferred?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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