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What seller records payment of transportation costs by debit

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Reference no: EM132739215

Problem 1: When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting

a. accounts payable

b. sales

c. accounts receivable

d. transportation in.

Problem 2: Merchandise inventory becomes part of the cost of goods sold when an entity

a. pays for the inventory.

b. purchases the inventory.

c. receives payment from the customer.

d. sells the inventory.

Reference no: EM132739215

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