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

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Question

IFAB 2e - Chapter 4 - Set B Exercises and Problems - Student Active Learning Worksheets
Exercise 4-6B Determining which party is responsible for transportation cost
Required
Determine which party (buyer or seller) is responsible for transportation charges in each of the
following 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.
seller
a.
b.
C.
d.
thernets12 amoonl
TsaY TE hedms390 bebrs 163y ari 101
Exercise 4-8B Accounting for product costs: perpetual inventory systemsls?
botstogtoonlopsml
Which of the following would be added to the Inventory account for a merchandising business using the
perpetual inventory system?
Required
a. 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.
Transaction
ceensqxa
emoont
emigil
a. Transportation-in
b. Allowance for damaged inventory
c. Purchase of inventory
d. Purchase of office supplies
e. Transportation-out
f. Cash discount on goods sold
smoont tel
Added to Inventory

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