IFAB 2e - Chapter 4 - Set B Exercises and Problems - Student Active Learning WorksheetsExercise 4-6B Determining which party is responsible for transportation costRequiredDetermine which party (buyer or seller) is responsible for transportation charges in each of thefollowing situations:a. Purchased merchandise, transportation terms, FOB destination.b. Purchased merchandise, transportation terms, FOB shipping point.C. Sold merchandise, transportation terms, FOB destination.d. Sold merchandise, transportatoin terms, FOB shipping point.sellera.b.C.d.thernets12 amoonlTsaY TE hedms390 bebrs 163y ari 101Exercise 4-8B Accounting for product costs: perpetual inventory systemsls?botstogtoonlopsmlWhich of the following would be added to the Inventory account for a merchandising business using theperpetual inventory system?Requireda. Transportation-in.b. Allowance received for damaged inventory.C. Purchase of inventory.d. Purchase of office supplies.e. Transportation-out.f. Cash discount given on goods sold.a.Transactionceensqxaemoontemigila. Transportation-inb. Allowance for damaged inventoryc. Purchase of inventoryd. Purchase of office suppliese. Transportation-outf. Cash discount on goods soldsmoont telAdded to Inventory

TransactionAdded to inventorya. Transportation - inYes (Added)b. Allowance received for damaged…

Answered: Required a. Transportation-in. b.…

Required a. Transportation-in. b. Allowance received for damaged inventory. c. Purchase of inventory. d. Purchase of office supplies. Transportation-out. e. f. Cash discount given on goods sold.

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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The trade discount on purchases is recorded A. O When it is received B.When the inventory is purchased C.When the inventory is sold D. O Not at all recorded in the books
Multiple choice
If a customer purchases merchandise on credit and returns the defective merchandise beforepayment, what accounts would recognize this transaction?A. sales discount, cashB. sales returns and allowances, cashC. accounts receivable, sales discountD. accounts receivable, sales returns and allowances
Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
Under a perpetual inventory system, acquisition of inventory is dented to the purchases account. True or false?
All of the following are documents used for inventory control except Oa. a receiving report. Ob. a petty cash voucher Oc. a vendor's invoice.