Thursday
July 31, 2014

Homework Help: Accounting

Posted by F on Monday, October 16, 2006 at 12:38pm.

I need help on the freight charges of each transaction, I always get confused when I see the FOBís.


Presented here are selected transactions for Norlan Inc during September of the current year. Norlan uses a perpetual inventory system.


Sold merchandise costing $15,000 to Fischer limited on account for $20,000, terms 2/10, n/30, FOB shipping point.

1. Freight charges of $1000 were paid by the appropriate party on the above transaction.


Purchased delivery equipment on account for $28,000, terms n/30, FOB destination.

2. Freight charges of $500 were paid by the appropriate party on the above transaction.


When I look up the definition for the FOBís, I come to the conclusion that there are no entries for each of the transactions. So am I right?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Accounting - I need help on the freight charges of each transaction, I always ...
HELP WITH ACC - I need help on the freight charges of each transaction, I always...
Accounting - Presented below are some business transactions that occurred during...
accounting - Write the journal entries to record the following transactions. A) ...
i need help accounting - Tracy Migre, a certified public accounting, has ...
Accounting - What are my transactions for Paid Freight on April 18 purchase $100...
Math for business - I am trying to figure this out. I know I am not right. I was...
at leasttell me u cant accounting - Tracy Migre, a certified public accounting, ...
math - Finney & Company purchased $1,800 of merchandise on 5/6. The terms were 2...
math - Morgan Company received from Lee Company an invoice dated September 27. ...

Search
Members