FOB shipping point: Buyer pays the freight costs FOB destination: Seller pays freight costs Example:...
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Accounting
FOB shipping point: Buyer pays the freight costs FOB destination: Seller pays freight costs Example: Paul (the buyer) uses as a purchase invoice the sales invoice prepared by PW Audio Supply, Inc. (the seller). Prepare the journal entry for Paul for the invoice from PW Audio Supply. Assume upon delivery of the goods on May 6, Paul pays Public Freight Company $230 for freight charges, the entry on Paul's books is: Buyer pays the freight costs
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