When goods are shipped FOB destination and the seller pays the freight charges, the buyer c.makes no journal entry for the freight.
<h3>What are the journal entries for FOB destination transactions?</h3>
When merchandise is sold on FOB destination terms, it implies that the seller is legally responsible for the safety of the goods until delivered to the buyer. In most cases, the buyer does not pay for the freight.
In such a case, the Seller also records the delivery expense or freight as a period expense.
The buyer does not make any journal entry for the cost of delivery or (freight). Since the seller bears all the delivery risks, the buyer can only pay for the cost of the goods when they reach the buyer's destination.
Thus, when goods are shipped FOB destination and the seller pays the freight charges, the buyer c.makes no journal entry for the freight.
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Answer:
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Answer:
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Answer:
a.Cash - $133 Net Income $ 0
b.Cash $0 Net Income -$133
c.Cash $0 Net Income $1,297
d.Cash $865 Net Income $0
e.Cash -$2,528 Net Income $0
f.Cash $ 0 Net Income - $610
Explanation:
Item b. The Supplies Expenses will be recognized out of supplies account and this will reduce the Net Income
Item c. Sales made on Account does not Affect cash but increases Net Income.
Item d. Receipts from Customers only affects Cash and no effect on Net Income.
Item e. Purchase of Equipment is a Capital Expenditure that only affects cash.
Item d. The depreciation expenses only affects Net Income.
THEY MUST KNOW THERE WAYS AND PROGRESS