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Nov 04, 19The FOB point can either be the buyers destination, or the place from which the goods are shipped – the shipping point FOB Destination Accounting FOB destination, is used to mean the seller of the goods pays all expenses in putting the goods 'on board' the transport, and delivering them to the buyers destinationPurchased merchandise from Horvath, Inc $7, FOB destination, terms 2/10, n/30 Inventory 7 Accounts Payable 7 Paid Amland Distributors in full, less discount Amland Distributors $1,0, FOB shipping point, terms 2/10, n/30 Accounts Payable 10 Inventory 24 Cash 1176 Made refunds to cash customers for defective merchandise $80Mar 24, 13O'Quinn Co distributes suitcases to retail stores and extends credit terms of 2/10, n/30 to all of its customers At the end of June, O'Quinn's inventory consisted of suitcases costing $1,800 During the month of July, the following merchandising transactions occurred July 1 Purchased suitcases on account for $2,500 from Emerson Manufacturers, FOB destination, terms 3/10, n/30
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What do the terms 2/10 n/30 mean-Terms 2/10, n/30, FOB destination Mar, 3 8 10 Made payment to Sidecki Wholesalers for goods purchased on March 3, less return and discount 12 Received payment from Herrick Ccmpany, less discount After negotiations, received a $500 allowance from Tex Wholesalers 15 Sold merchandise inventory to Jesper Company, S$1,700, on accountFOB destination, freight collect, P1,900 accounts receivable is decreased by the transportation charges paid by the buyer for the benefit of the
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Journalize each of the following transactions assuming a perpetual inventory system Feb 1 SoldA $2,744 B $3,136 C $2,940 D $3,140A $5,0 b $5,096 c $5,100 d $4,900
Impact on Net Income Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1 Increases by $5,0 Impact on Net Income Sold merchandise to Baird Corp for $5,0 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5The FOB (free on board) destination point is a shipping term that refers to the sale of goods that would take place once a product reaches a buyer's destination This differs from the FOB shipping point in that the seller may be responsible for the shipping costs and any liabilities regarding the product for as long as those products remain in transportApr 09, 21FOB destination, freight collect The buyer pays the freight charges at time of receipt, though the supplier still owns the goods while they are in transit FOB destination, freight collect and allowed The buyer pays for the freight costs, but deducts the cost from the supplier's invoice The seller still owns the goods while they are in transit Thus, the key elements of all the variations on FOB destination
Oct 03, 1614 Purchased merchandise on credit from Green, terms 2/10, n/30, FOB destination, invoice dated July 12, $2,250 31 Paid amount owed Green for purchase of July 14 Prepare journal entries and, assuming the perpetual inventory system, determine theThe transportation costs amounted to P1,900 The entry to record this transaction would be Nov 25 Accounts Receivable 15,100 Transportation Out 1,900 Sales 17,000 Sales on Account;Sep , 132 Sold Merchandise on account to Mammoth Co, $15,000 terms FOB destination 1/10, n/30 The cost of the merchandise sold was $9,000 3Sold merchandise for $8,000 plus 8% sales tax to retail cash customers The cost of the merchandise sold was $6,000 4Sold merchandise on account to Sando Co $12,500 terms FOB shipping point, n/eom
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Merchandise with an invoice price of $5,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination Freight costs paid by the seller totaled $0 What is the cost of the merchandise if paid on September 12, assuming the discount is taken?Feb 19, 12Aug 1 Purchased merchandise from Abilene Company for $6,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1 4 At Abilene's request, Stone paid $100 cash for freight charges on the August 1 purchase, reducing the amount owed to Abilene 5 Sold merchandise to Lux Corp for $4,0 under credit terms of 2/10, n/60, FOB destination, invoiceThe following selected transactions were completed by Capers Company during October of the current year Oct 1 Purchased merchandise from UK Imports Co, $14,448, terms FOB destination, n/30 3 Purchased merchandise from Hoagie Co, $9,950, terms FOB shipping point, 2/10
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2) Oct 2 Purchased $12,500 of merchandise on account with the terms 2/10, n/30 3) Oct 3 Sold merchandise that cost $9,000 for $17,000 on account with the terms 1/10, n/30 4) Oct 4 Returned $1,250 of defective merchandise from the Oct 2 purchase 5) Oct 5 Paid freight of $100 on goods sold to customers shipped FOB destinationNov 01, 14June 1 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30 The appropriate party also made a cash payment of $50 for the freight on this date 3 Sold books on account to Reading Rainbow for $2,500 The cost of the books sold was $1,440 6 Received $100 credit for books returned to Kline PublishersApr 07, 19FOB destination is used where buyer does not own the goods until received by the buyer at the destination point In this case;
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June 1 PUrchased books on account for $1,500 from Kline Publishers, FOB destination, terms 2/10, n/30 The appropriate party also made a cash payment of $60 for the freight on this dateDebit Purchases $100 and Credit A/P $100Accounting Q&A Library Basie Company engaged in the following transactions June 2Received merchandise purchased on credit from Ranbaxy Company, terms 2/10, n/30, FOB destination, invoice dated June 1, $4,000 June 6 Returned some merchandise to Ranbaxy for full credit, $500 June 11 Paid Ranbaxy for purchase of June 2 less return and discount
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Merchandise with an invoice price of $3,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination Freight costs paid by the seller totaled $0 What is the cost of the merchandise if paid on September 12, assuming the discount is taken?Solution for 2 Purchased merchandise on credit from Digao Publishers, terms 2/10, n/30, FOB destination, P74,000 3 Sold merchandise on credit to Detoya BooksPrepaid freight of $230 was added to the invoice 4 Purchased merchandise from Taco Co, $14,350, terms FOB destination, 2/10, n/30 6 Issued debit memo to Taco Co for $5,000 of merchandise returned from purchase on October 4 1 3 Paid Hoagie Co for invoice of October 3 1 4 Paid Taco Co for invoice of October 4,
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ABC Company places an order with XYZ Company for $100 on 9/27/19, terms 2/10, n/30, FOB destination, and receives them on 9/30 What journal entry should ABC Company make on 9/30, assuming a periodic inventory system?A buyer purchaed merchandise for $10,000, terms 1/10, n/30, FOB destination The seller pays transportation costs of $500 If the buyer pays the invoice within the discount period, the amound paid by the buyer is _____ ch6Sept 2 Purchased equipment on account for $65,000, terms n/30, FOB destination 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment 4 Purchased supplies for $4,000 cash 6 Purchased inventory on account from Hillary Corp at a cost of $65,000, terms 1/15, n/30, FOB shipping point 7 Freight charges of $1,600 were paid by the
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Feb 21, 11Below is a list of transactions for the Lerin Bookstore for the month of March 01 Mar 2 Purchased merchandise on credit from Diego Publishers, terms 2/10, n/30, FOB destination, P74,000 3 Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FOB shipping point, P10,000S s Page 3 of 17 Excel is Fun!FOB Shipping Destination, Freight Collect , P1,000 Terms 2/10,n/30 Merchandise was received on June 9 Entry June 9 – Accounts Receivable 15,500 Transportation Out 1,000 Sales 15,000 Vat Output Tax 1,500 Cost of goods 13,500 Merchandise Inventory 13,500 Payment June 19 Cash 15,0 Sales Discount 300 Accounts Receivable 15,500
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Merchandise subject to terms 1/10 n/30, FOB destination, is sold on account to a customer for $15,000 The purchaser returns $3,000 of merchandise within the discount period Assuming payment is made after the expiration of the discount period, what is the amount of cash discount allowable?Purchased merchandise on account from Hamling Co, list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice 5 Purchased merchandise on account from Kester Co, $33,450, terms FOB destination, 2/10, n/30 6 Sold merchandise on account to Parsley Co, $36,000, terms n/15A) Sold merchandise on account to Jangle Co, $5,000, terms FOB Shipping Point, 2/10, n/30 The cost of the merchandise sold was $3,000 Paid transportation charges of $0, which were added to the invoice b) Sold merchandise on account to Comet Co, $10,000, terms FOB Destination, 1/10, n/30 The cost of the merchandise was $6,000
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18 Purchased merchandise from Frist Corp under the following terms $8,450 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination 21 After negotiations, received from Frist a $2,366 allowance on the April 18 purchase 28 Sent check to Frist paying for the April 18 purchase net of the discount and allowancePurchased merchandise from Lumley, Inc $6, FOB destination, terms 2/10, n/30 27 Paid Valley Distributors in full, less discount 29 Made refunds to cash customers for defective merchandise $70 The returned merchandise had a fair value of $30 31 Sold merchandise on account $1,000 terms n/30 The cost of the merchandise sold was $560Sold merchandise on account for $5500, FOB destination, terms 1/10, n/30 The cost of goods sold was $3400 FOB shipping point, terms 2/10, n/30
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July 3 Purchased merchandise on account from Hamling Co, list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice July 5 Purchased merchandise on account to from Kester Co, $33,450, terms FOB destination, 2/10, n/30 Nice work!Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB destination Transportation costs paid by the seller totaled $300Freight charges are paid by the seller and Seller is responsible for any damages in transit Seller cannot claim it from buyer It's just another FOB term like FOB shipping
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Terms in this set (11) Purchased Books on account for $1600 from Kline Publishers, FOB destination, terms 2/10, n/30 The appropriate party also made a cash payment of $50 for the freight on this dateFeb 26, 21Purchased books on account for $2,600 from Binsfeld Publishers, FOB destination, terms 2/10, n/30 The appropriate party also made a cash payment of $50 for the freight on this date 3 Sold books on account to Reading Rainbow for $3,000 The cost of the books sold was $1,400 6 Received $150 credit for books returned to Binsfeld Publishers 9Oct 25, Purchased merchandise from Jost Co, $15,550, terms FOB destination, 2/10, n/30 14 Issued debit memo to Jost Co for $3,750 of merchandise returned from purchase on March 13 18 Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom 18 Paid freight of $140 on March 18 purchase from Fairhurst Company 19
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A) $$150 b) $0 c) $1 d) $30 b LO 1 Easy Page 187 30Oct 12, 1918 Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom 18 Paid freight of $140 on March 18 purchase from Fairhurst Company 19 Purchased merchandise from Bickle Co, $6,500, terms FOB destination, 2/10, n/30 23 Paid Jost Co for invoice of March 13, less debit memo of March 14 and discount 29Oct 25, Poff's Co, a women's clothing store, purchased $53,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30 Poff's returned $7,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period
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FOB Unit price TOTAL Kite Flight 1414 43rd Ave W atermore Bellens Duece Terms 2/10,N/30 Select one $ 1000 $ 1250 subTotal Shipping Tax Rate(s) TOTAL Office Use Only Our Customers Have Many Happy Returns!A buyer who acquires merchandise under credit terms of 1/10, n/30 has 30 days after the invoice date to take advantage of the sales discount F If merchandise costing $3,500, terms FOB destination, 2/10, n/30, with prepaid freight costs of $125, is paid within 10 days, the amount of the purchases discount is $70 TMar 12, 062/10, N/30 are terms for an invoice So say you purchased a items that total $ 2/10= 2% discount if invoice paid within 10 days Now, you will receive a 2% discount off the $ if you pay
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Purchased books on account for $1,600 from Binsfeld Publishers, FOB destination, terms 2/10, n/30 The appropriate party also made a cash payment of $50 for the freight on this date 3 Sold books on account to Reading Rainbow for $2,500 The cost of the books sold was $1,440 6 Received $100 credit for books returned to Binsfeld Publishers 9If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer (received by the buyer), the terms are FOB destination Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB destination Transportation costs paid by the seller totaled $300FOB destination transfers the title of shipped goods when it arrives at the buyer's specified delivery location—usually the buyer's loading dock, post office box, or office building As soon as the goods arrive at the buyer's delivery location, the
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