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cowsill · Oct 28, 2008, 01:20 PM

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 · Oct 29, 2008, 10:50 AM

Yes the entry is cash and accounts receivable. Usual the customer is charged FOB

CostTramp · Nov 13, 2008, 03:58 PM

Originally Posted by MF Controller

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 · Nov 13, 2008, 05:51 PM

Debt Cash Credit AR

Originally Posted by cowsill

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