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- The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2021. Laetner received the shipment on January 3, 2022. December 31 is the fiscal year-end for both companies. The merchandise was shipped f.o.b. shipping point. Explain the difference in the accounting treatment of the merchandise if the shipment had instead been designated f.o.b. destination.The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2018. Laetner receivedthe shipment on January 3, 2019. December 31 is the fiscal year-end for both companies. The merchandisewas shipped f.o.b. shipping point. Explain the difference in the accounting treatment of the merchandise if theshipment had instead been designated f.o.b. destination.The accounts payable balance of Durian Inc. at December 31, 2021 was before the year-end adjustments relating to the following information: Upon receipt of the invoice on December 28, 2021 for goods costing P 30,000, the accounting staff of Durian Inc. recorded the purchase in the accounts. It was determined that the goods were shipped FOB Destination Point on December 27, 2021 and were received by Durian Inc. on January 5, 2022. • Goods with an invoice cost of P 25,000 which were shipped FOB Shipping Point on December 23, 2021 from a vendor to Durian Inc. were lost in transit. On January 5, 2022, Durian Inc. filed a P 25,000 claim against the transport company. • Goods costing P 9,000 were shipped FOB Shipping Point from a vendor to Durian Inc. Because the vendor's invoice and the goods were received on January 3, 2022, the accounting staff did not include the goods in its December 31, 2021 590,000 inventory nor was the purchase recorded in the accounts in 2021. What amount should…
- A "bill and hold" scheme is most likely to include: a) Shipment of items to a customer beyond what the customer has ordered b) Selling itms at substantial discounts near year end c) Billing items that are held by the customer in future revenue production purposes d) Recording items that the company retaines as of year end as sales cheggA company sells a product FOB destination. The product is shipped on December 29, 2020 and the customer receives the shipment on January 3, 2021. Which of the following is true? Group of answer choices A)The sale will be recorded when the customer's credit card information is received. B)The sale will be recorded when the shipment is received by the customer. C)The sale will be recorded when the shipment is shipped. D)The sale will be recorded when it is known there will be no returns or allowances. e)None of the aboveOn 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: A. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 37800 Sales (Revenue) 37800 B. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 73800 Sales (Revenue) 73800 C. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Sales (Revenue) 37800 Receivable 37800 D. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Cash 37800 Sales (Revenue) 37800
- The balance in Iwig Company’s accounts payable account at December 31, 2021 was P400,000 before any necessary year-end adjustments relating to the following: A. Goods were in transit to Iwig from a vendor on December 31, 2021. The invoice cost was P50,000. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 4, 2022. B. Goods shipped FOB destination on December 21, 2021 from a vendor to Iwig were received on January 6, 2022. The invoice cost was P25,000. C. On December 27, 2021, Iwig wrote and recorded checks to creditors totaling P30,000 that were mailed on January 10, 2022. 2. In Iwig’s December 31, 2021 statement of financial position, the accounts payable should beIf Dome Corporation does not record a sale made on account in December until a month later when the customer pays its invoice, how will Dome’s December financial statements be impacted?Suppose a firm makes a purchase and receives the shipment on February 1.The terms of trade as stated on the invoice read “2/10, net 40, May 1 dating.”What is the latest date on which payment can be made and the discount stillbe taken? What is the date on which payment must be made if the discountis not taken?
- A firm uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020 it received full payment for the June 1 sale. Prepare the required journal entries (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.In its annual report, American Eagle Outfitters states that its “e-commerce operation recordsrevenue upon the estimated customer receipt date of the merchandise.” Is this FOB shipping pointor FOB destination? If American Eagle were to change to the other terms of shipment, would itreport its Sales Revenues earlier or later?An entity operates a customer loyalty program granting customers points for every purchase they make with the entity. During 2020, the total number of points actually redeemed equaled that of the total estimated points to be redeemed. The entity, however, still reported a balance for the unearned revenue from points as of yearend 2020. Which of the following would explain this? a. The estimation for redemption was not accurately done. b. There must have been points granted prior to 2020. c. The accountant must have missed this topic in his BAFACR4X class. d. This is natural since not all points granted are redeemed.
