vessel arrived in the port of Place X on Dec. 31, 2020 but the merchandise was unloaded from the vessel. On Jan. 2, 2021, Entity A pays the freight. Who has the ownership of the merchandise in transit on Dec. 31, 2020?A. The ownership has been transferred to the buyer. * A. The ownership has been transferred to the buyer. B. The ownership is retained by the seller. C. The merchandise is in transit. O D. No one owns the merchandise.

vessel arrived in the port of Place X on Dec. 31, 2020 but the merchandise was unloaded from the vessel. On Jan. 2, 2021, Entity A pays the freight. Who has the ownership of the merchandise in transit on Dec. 31, 2020?A. The ownership has been transferred to the buyer. * A. The ownership has been transferred to the buyer. B. The ownership is retained by the seller. C. The merchandise is in transit. O D. No one owns the merchandise.

Name: 47. Entity A shipped merchandise toEntity B on Dec. 31, 2020 under th
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Description: 47. Entity A shipped merchandise toEntity B on Dec. 31, 2020 under theshipping term: F.O.B. Destination. Thevessel arrived in the port of Place Xon Dec. 31, 2020 but the merchandisewas unloaded from the vessel. OnJan. 2, 2021, Entity A pays the frei

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 Bockner Company shipped merchandise to Laetner Corporation on December 28, 2018. Laetner receivedthe shipment on January 3, 2019. December 31 is the fiscal year-end for both companies. The merchandisewas shipped f.o.b. shipping point. Explain the difference in the accounting treatment of the merchandise if theshipment had instead been designated f.o.b. destination.
Determine the amount to be paid in full settlement of each purchase invoice, assuming that credit for returns and allowances was received prior and that all invoices were paid within the discount period, a. b. Merchandise $3,400 $13,300 3103 Freight Paid by Seller $287 $72 Freight Terms FOB shipping point, 1/10, net 30 FOB destination, 2/10, net 45 Returns and Allowances $300 $2,900 payment
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1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,900. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 109,270 Sales 109,270 Cost of Goods Sold 66,900 Inventory 66,900 Accounts Receivable-Blue Star Co. 2,000 Cash 2,000 Cash Accounts Receivable-Blue Star Co. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co.
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