Ask Question
7 March, 18:23

Record the following transaction in a transaction analysis chart for the buyer: Bought merchandise for $ 8 comma 600 on account. Shipping terms were F. O. B. destination. The cost of shipping was $ 100. Assume the perpetual inventory system.

+1
Answers (1)
  1. 7 March, 18:34
    0
    The answer given below;

    Explanation:

    Inventory Dr.$8,600

    Accounts Payable Cr.$8,600

    The cost of shipping $100 will be paid by the seller as FOB is F. O. B destination. Therefore no entry in books of purchaser is made for shipping cost.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Record the following transaction in a transaction analysis chart for the buyer: Bought merchandise for $ 8 comma 600 on account. Shipping ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers