1) A Detroit based company ships a $100,000 car on September 30 to a customer in Honolulu,...

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1) A Detroit based company ships a $100,000 car on September 30 to a customer in Honolulu, Hawaii. There is a hurricane on October 5th and the car washes overboard. If the shipping terms were F.O.B destination who has lost a car? Explain WHY?

2) Companies generally record Purchase Discounts directly to the inventory account as a reduction of inventory cost when they are the buyer but when they are the seller they generally create a contra revenue account to Sales to track the amount of Sales Discounts. Do you see any reason a company wants to track the Sales Discounts?

Posted Date: Nov 16, 2021 03:27 PM

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1) A Detroit based company ships a $100,000 car on September 30 to a customer in Honolulu,...

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1 Fob Destination means Free on borad destination means the title of goods ... View the full answer

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