User Account

All Pages

What account will affected if pays for freight

Assignment Help Accounting Basics
Reference no: EM132727219

Problem 1: A business has a perpetual inventory system. If it buys inventory from a supplier on FOB shipping point terms, what account will be affected if it pays for freight?

a. Freight In
b. Freight Out
c. Cost of Goods Sold
d. Merchandise Inventory
e. None

Reference no: EM132727219

Questions Cloud

When the buyer returns previously purchased inventory : In a periodic inventory system, when the buyer returns previously purchased inventory to its supplier, this entails? a credit to Merchandise Inventory account
Prepare an adjusting entry at the end of the period : Failure to prepare an adjusting entry at the end of the period to record the earning of unearned revenue would cause? an understatement of liabilities
How might their perceptions or attributions be distorted : Describe the conflict. What it is about? What leads to the conflict? Does it escalate or does it diminish? How/why - What conflict styles do the individuals
What the retailer gross profit for the year : Reported sales discounts of $10,000, cost of goods sold of $225,000, and operating expenses of $120,000. What the retailer's gross profit for the year?
What account will affected if pays for freight : A business has a perpetual inventory system. If it buys inventory from a supplier on FOB shipping point terms, what account will affected if pays for freight
When should of revenue be recognized : December 5 and payment from the customer is received on December 10. The store follows GAAP. When should the $1,000 of revenue be recognized?
Which year end adjusting entry will be prepared : Which year end adjusting entry will be prepared.The computer is expected to have a five-year useful lifespan before being replaced. If the company's fiscal year
How much did pay to the supplier : Afterwards, it returned $1,000 of inventory to its supplier. If the business paid within the discount period, how much did it pay to its supplier?
How has union membership in the united states changed : How has union membership in the United States changed over the past few decades? How does union membership in the United States compare with union membership.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which of the internal control systems does tap technology

Which of the following internal control systems does TAP Technology, Inc. use when it updates its employee handbook to reflect new company policies?

  Find the book value per share of common stock

The preferred stock was noncumulative and had a call price of $104. Use this information to find the book value per share of Common Stock as of end of the FY

  What amount may Valentino exclude from his gross income

Assume that the Federal daily excludible amount for Valentino is $370. Of the $15,000, what amount may Valentino exclude from his gross income

  Compute the number of units the company must sell

Compute the number of units the company must sell in the coming year in order to reach the breakeven point

  How much gain or loss should be recognize on bond retirement

PWI retired all of these bonds on January 1, 2016, at 102. Unamortized bond premium on that date was $183,600. How much gain or loss should be recognized on this bond retirement?

  For the ages inc produces solid-oak umbrella stands each

for the ages inc. produces solid-oak umbrella stands. each stand is handmade and hand finished using the finest

  Calculate the initial child tax credit

Nariman, has a MAGI of $35,000 and a tax liability of $1,100. Calculate the initial child tax credit and the maximum amount that can be refunded to Nariman

  What is the total increase in ordinary share premium

Joyce Company issued 1,000 shares of its P50 par value ordinary share capital in exchange for land, What is the total increase in ordinary share premium

  Calculate the annualized average return

Using the Adjusted close price, calculate the annualized average return, standard deviation, and the ratio of the average over the standard deviation.

  Prepare the entry to record exercise of the bargain purchase

Lu Limited is expanding and needs more manufacturing equipment. Prepare the entry to record exercise of the bargain purchase option

  What is the current ratio after the payment of the dividend

A company has current assets of $612,000 and current liabilities of $217,000. What is the current ratio after the payment of the dividend

  How much did shareholders initially invest in the business

The company earned $81,500 during the first year, and distributed $30,000 to shareholders as dividends. How much did shareholders initially invest in business

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd