PB9. LO 6.5Record the following purchase transactions of Custom Kitchens Inc.Oct. 6Purchased 230 cabinet doors on credit at a cost of $46 per door. Shipping charges are an extra $2 cash per door and are not subject to discount. Terms of the purchase are 5/15, n/35, FOB Shipping Point, invoice dated October 6.Oct. 9Purchased 100 cabinet doors with cash at cost of $40 per door. Shipping charges are an extra $3.25 cash per door and are not subject to discount. Terms of the purchase are FOB Destination.Oct. 20Custom Kitchens Inc. pays in full for their purchase from October 6.

FOB Shipping means, the seller will only ship the goods and then, it will be the responsibility of…

Answered: LO 6.5Record the following purchase…

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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PB9.

LO 6.5Record the following purchase transactions of Custom Kitchens Inc.

Oct. 6	Purchased 230 cabinet doors on credit at a cost of $46 per door. Shipping charges are an extra $2 cash per door and are not subject to discount. Terms of the purchase are 5/15, n/35, FOB Shipping Point, invoice dated October 6.
Oct. 9	Purchased 100 cabinet doors with cash at cost of $40 per door. Shipping charges are an extra $3.25 cash per door and are not subject to discount. Terms of the purchase are FOB Destination.
Oct. 20	Custom Kitchens Inc. pays in full for their purchase from October 6.

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