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-   -   Perpetual inventory (https://www.askmehelpdesk.com/showthread.php?t=274621)

  • Oct 28, 2008, 01:20 PM
    cowsill
    Perpetual inventory
    Mar/8 Schafer Merchandising's merchandise that cost $540 was sold to Wilson Sales for $600 under credit terms of 2/30, n/60, FOB shipping point. So I tried to work this out:
    Dr: A/R 600
    Cr: Sales 600
    Dr: Cost of Goods Sold 540
    Cr: Inventory 540
    This part I get but...
    On Mar 31 Received Wilson's sales payment of the amout due from the March 8 sale.
    Do I credit cash and Accounts receivable and anything else?
    One more question please if Fob shipping point do they not charge the customer? Thanks for your help
  • Oct 29, 2008, 10:50 AM
    MF Controller

    Yes the entry is cash and accounts receivable. Usual the customer is charged FOB
  • Nov 13, 2008, 03:58 PM
    CostTramp
    Quote:

    Originally Posted by MF Controller View Post
    yes the entry is cash and accounts receivable. usual the customer is charged FOB

    Would you please see my this problem
    Thank you a lot

    https://www.askmehelpdesk.com/accoun...ml#post1373194
  • Nov 13, 2008, 05:51 PM
    codyman144
    Debt Cash Credit AR
    Quote:

    Originally Posted by cowsill View Post
    Mar/8 Schafer Merchandising's merchandise that cost $540 was sold to Wilson Sales for $600 under credit terms of 2/30, n/60, FOB shipping point. So I tried to work this out:
    Dr: A/R 600
    Cr: Sales 600
    Dr: Cost of Goods Sold 540
    Cr: Inventory 540
    This part I get but....
    on Mar 31 Received Wilson's sales payment of the amout due from the March 8 sale.
    Do I credit cash and Accounts receivable and anything else?
    One more question please if Fob shipping point do they not charge the customer? Thanks for your help


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