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The account Freight-In accumulates the shipping costs to the buyer When the terms are F.O.B. shipping point, the purchaser is responsible for the cost of shipping from the

 The account Freight-In accumulates the shipping costs to the buyer.

 

64) When the terms are F.O.B. shipping point, the purchaser is responsible for the cost of shipping from the seller's shipping point to the purchaser's location.

 

65) Shipping costs are sometimes prepaid by the seller and the cost is added to the sales invoice.

 

66) The receiving report is prepared when the goods are received after the shipment has been inspected.

 

67) The seller issues a debit memorandum when granting a reduction in price to a customer.

 

68) Purchases Discounts and Freight-In are both contra cost accounts with a credit balance.

 

69) The buyer issues a debit memorandum to indicate that a previous purchase amount is being reduced because goods were returned or an allowance was requested.

70) Trade discounts and purchase discounts are given to the purchaser from the supplier for early payment on account.

 

71) The accounts payable column total is posted to the accounts payable general ledger account at the end of the month.

 

72) The accounts payable subsidiary ledger is organized in chronological order.

Mar 14 2020 View more View Less

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