Glendale Community College Date Accounting Principles Questions

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rgqnobzo123

Business Finance

Glendale Community College

Question Description

Need help with my Accounting question - I’m studying for my class.

1. What components of revenues and expenses are different between merchandising and service companies?

2. Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Inventory by the buyer and a debit to Freight-Out by the seller.

3. Explain the meaning of the credit terms 2/10, n/30.

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Explanation & Answer

Hi buddy, this is dane! let me know if you have anything else. Thanks

1

Date Accounting Principles

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2

Date Accounting Principles
Question 1
The merchandising business has revenue stated as sales revenue, while expenses
encompass the value of sold goods and the costs of operating the business (Paff, 2021).
Conversely, in the service industries, Revenues are termed as Service revenues, while the
ex...

GhgbeEVNA (1743)
UCLA

Anonymous
I was having a hard time with this subject, and this was a great help.

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