College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Question
Chapter 12, Problem 5A
To determine
Explain the impact of freight charges being journalized and posted to Freight-In account, and explain its effect on Cost of Goods Sold.
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What is freight out, and how is it recorded by the seller?
Which of the following expenses would you
regard as part of the cost of goods sold?
Select one:
a. Packing the goods
b. Insurance of goods
O c. Advertising the goods
O d. Freight in
Describe FOB shipping point and FOB destination. When does the buyer take ownership of the goods, and who typically pays the freight?
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Prob. 3ECh. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - Prob. 1CP
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Similar questions
- Which statement and where on the statement is freight-out recorded? Why is it recorded there?arrow_forwardDistinguish between FOB Shipping Point and FOB Destination. Identify the freight terms that will result in a debit to Inventory and which one will result in a debit to Freight expenses by the seller.arrow_forwardDistinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Inventory by the purchaser and a debit to Freight-Out by the seller.arrow_forward
- Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Inventory by the buyer and a debit to Freight-Out by the seller.arrow_forwardWhat is the account title used for revenue when goods are delivered to customers?arrow_forwardExplain the difference between freight in and freight out. Who pays for each? Who owns the goods while they are in transit? What type of account is freight in? What type of account is freight out?arrow_forward
- What account is debited when recording the payment of freight in when using the periodic inventory system?arrow_forwardWhich of the following is reported as part of the operating expenses? Cost of sales Freight-In Sales allowances Freight-Outarrow_forwardWho is responsible for the freight cost when the terms are FOB destination? Please explain with full explanation. a. the seller b. the buyer c. the customer d. either the buyer or the sellerarrow_forward
- How to calculate sales revenue from Cost of Goods Sold, inventory, or cost of goods available for sale?arrow_forwardA temporary account used to record the cost of goods bought for resale during a periodis calledarrow_forwardWhat are the journal entries, posting to t-accounts and statement of cost of goods sold fo this prblm?arrow_forward
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