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    cowsill's Avatar
    cowsill Posts: 3, Reputation: 1
    New Member
     
    #1

    Oct 28, 2008, 01:20 PM
    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
    MF Controller's Avatar
    MF Controller Posts: 25, Reputation: 2
    New Member
     
    #2

    Oct 29, 2008, 10:50 AM

    Yes the entry is cash and accounts receivable. Usual the customer is charged FOB
    CostTramp's Avatar
    CostTramp Posts: 6, Reputation: 1
    New Member
     
    #3

    Nov 13, 2008, 03:58 PM
    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
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
     
    #4

    Nov 13, 2008, 05:51 PM
    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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