Match the correct pairs FOB destination and you are the buyer A. The buyer pays this amount FOB destination and you are the seller B. You pay and add to inventory costs FOB shipping point and you are the buyer C. The seller pays this FOB shipping point and you are the seller D. You pay and expense as delivery charge

Match the correct pairs FOB destination and you are the buyer A. The buyer pays this amount FOB destination and you are the seller B. You pay and add to inventory costs FOB shipping point and you are the buyer C. The seller pays this FOB shipping point and you are the seller D. You pay and expense as delivery charge

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 5TF: FOB shipping point means that transportation charges are paid by the seller.

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Match the correct pairs FOB destination and you are the buyer FOB destination and you are the seller FOB shipping point and you are the buyer ✓ [Choose ] the buyer pays this amount you pay and add to inventory costs the seller pays this you pay and expense as delivery charge [Choose] FOB shipping point and you are the seller [Choose ]
If goods are sold on terms FOB shipping point, the ________. A. seller normally pays the transportation costs B. buyer normally pays the transportation costs C. shipping company bears the transportation cost D. buyer and the seller split the transportation costs
Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers in return for early payment. 2. The amount of time allowed by a seller before payment is due from the buyer. 3. Time period in which a cash discount is available. 4. Refers to credit terms where goods in transit are owned by the seller. 5. Refers to credit terms where goods in transit are owned by the buyer. 6. Calculated as net sales minus cost of goods sold. 7. A current asset that includes the cost to buy goods and make them ready for sale. 8. Purchaser's description of a cash discount received from a supplier of goods.
If goods are shipped FOB destination, which of the following is true? A. Title to the goods will transfer as soon as the goods are shipped. B. FOB indicates that a price reduction has been applied to the order. C. The seller must pay the shipping. D. The seller and the buyer will each pay 50% of the cost.
What happens when merchandise is delivered FOB shipping point? Multiple Choice O O The seller records transportation-out expense. O The buyer records transportation cost as an expense. O The buyer pays the freight cost. The seller pays the freight cost.
plz help solve
Select the correct choice that completes the sentence below. The cost of an item if the full amount had been paid at the time of sale is called the O A. down payment price O B. installment price O C. total price O D. cash price
A seller generally records sales at the full invoice price, butthe buyer often records purchases at net cost. Explain the logic of the buyer and seller recording the transaction at dif-ferent amounts.
If the sale includes the seller paying the freight costs and assuming the responsibility for merchandise until it is received by the buyer, the freight terms are said to be: A FOB shipping point. В FOB destination. (c) sales discount. D) trade discount.
Which of the following statements regarding freight costs is true? a. FOB destination means that transportation charges are paid by the buyer. Ob. Under FOB shipping point, the buyer owns the inventory as soon as it is shipped and should count it in inventory. c. When the terms are FOB shipping point, the freight-in account is not used in recording the purchase. Od. Under FOB destination, the buyer owns the inventory as soon as it is shipped and should count it in inventory.
If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stated as Da. FOB destination Ob. FOB shipping point Oc. FOB n/30 Od. FOB buyer
If NetSolutions purchases merchandise inventory and pays the shipping or freight costs, the shipping terms are called ___________________. Group of answer choices FOB (free on board) destination FOB (free on board) merchandise FOB (free on board) shipping FOB (free on board) sales

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FOB destination and you are the buyer	A. The buyer pays this amount
FOB destination and you are the seller	B. You pay and add to inventory costs
FOB shipping point and you are the buyer	C. The seller pays this
FOB shipping point and you are the seller	D. You pay and expense as delivery charge