Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc company purchased $10,000 of merchandise on ac

ABC Company purchased $10,000 of merchandise on account from XYZ Company; terms are 3/10, n/30,...

70.2K

Verified Solution

Question

Accounting

ABC Company purchased $10,000 of merchandise on account from XYZ Company; terms are 3/10, n/30, FOB shipping point. If both companies use a periodic inventory system, which company records the transportation, and which account is debitied to record the amount of the transportation? ABC records with a debit to Delivery Expense XYZ records with a debit to Freight-In XYZ records with a debit to Delivery Expense ABC records with a debit to Freight-In ABC records with a debit to Merchandise Inventory XYZ records with a debit to Merchandise Inventory

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The Chung Chemical Corporation is considering the purchase of a chemical analysis machine. Although the machine...

Finance
Q

The following are daily exchange rates with the Japanese Yen quoted in Yen/Dollar. Date Yen/Dollars 19-Apr-13 99.28 18-Apr-13 98.22 17-Apr-13 97.74 16-Apr-13 97.86 15-Apr-13 98 12-Apr-13 98.98 11-Apr-13 99.42 10-Apr-13 99.61 9-Apr-13 99.02 8-Apr-13 98.9 5-Apr-13 96.86 4-Apr-13 96.12 3-Apr-13 92.96 2-Apr-13 93.43 1-Apr-13 93.3 29-Mar-13 94.16 28-Mar-13 94.02 27-Mar-13 94.38 26-Mar-13 94.22 25-Mar-13 94.34 22-Mar-13 94.48 21-Mar-13 95.06 20-Mar-13 95.51 19-Mar-13 94.85 18-Mar-13 94.92 15-Mar-13 95.26 14-Mar-13 96.16 13-Mar-13 96 12-Mar-13 95.96 11-Mar-13 96.12 8-Mar-13 96 7-Mar-13 95 6-Mar-13 93.64 5-Mar-13 93.39 4-Mar-13 93.32 1-Mar-13 93.38 Feb. 28, 2013 92.36 Feb. 27,...

Basic Math
Q

Suppose a 90% confidence interval for the mean salary of college graduates in a town in...

Basic Math
Q

In a perfectly inelastic collision, while doing bullet/ pendulum experiment through simulation, there were some sources of...

Physics
Q

Illustrate what effects do dimensions of diversity have on health care disparity? Have you ever been...

Psychology
Q

The reading of spring balance when measuring weight of body is double at pole compared...

Physics
Q

Which expression is missing from the proof O loga O log O log

Algebra
Q

What are the key provisions of the CPA Code of Professional Conduct? Is the...

Accounting
Q

Comprehensive Problem 4-1 Skylar and Walter Black have been married for 25 years. They live...

Accounting
Q

On January 1, a company issued 4%, 20-year bonds with a face amount of $55...

Accounting
Q

The MACRS basis of 5-year property acquired on January 13, 20X1 is $10,000. The property...

Accounting
Q

________________________ under FASB ASC 606 occurs when the price of a good or service is...

Accounting