Which of the ff needs an adjustment to the A/R account of ABS company? a. goods in transit of the reporting date, shipped to a customer fob destination, not recorded as sales and correctly included as inventory b. goods in transit as of the reporting date, shipped to a customer fob shipping point, correctly recorded as sales but was included as inventory c. goods in transit as of the reporting date, shipped to a customer fob shipping point, correctly recorded as sales and was excluded from inventory d. goods in transit of the reporting date, shipped to a customer fob destination, recorded as sales however correctly included as inventory
Which of the ff needs an adjustment to the A/R account of ABS company? a. goods in transit of the reporting date, shipped to a customer fob destination, not recorded as sales and correctly included as inventory b. goods in transit as of the reporting date, shipped to a customer fob shipping point, correctly recorded as sales but was included as inventory c. goods in transit as of the reporting date, shipped to a customer fob shipping point, correctly recorded as sales and was excluded from inventory d. goods in transit of the reporting date, shipped to a customer fob destination, recorded as sales however correctly included as inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the ff needs an adjustment to the A/R account of ABS company?
a. goods in transit of the reporting date, shipped to a customer fob destination, not recorded as sales and correctly included as inventory
b. goods in transit as of the reporting date, shipped to a customer fob shipping point, correctly recorded as sales but was included as inventory
c. goods in transit as of the reporting date, shipped to a customer fob shipping point, correctly recorded as sales and was excluded from inventory
d. goods in transit of the reporting date, shipped to a customer fob destination, recorded as sales however correctly included as inventory
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