Transfer of Title to Inventory For each of the following transactions, indicate which company should include the
Question:
Transfer of Title to Inventory For each of the following transactions, indicate which company should include the inventory on its December 31, 2010, balance sheet:
1. Michelson Supplies Inc. shipped merchandise to PJ Sales on December 28, 2010, terms FOB destination. The merchandise arrives at PJ’s on January 4, 2011.
2. Quarton Inc. shipped merchandise to Filbrandt on December 25, 2010, FOB destination. Filbrandt received the merchandise on December 31, 2010.
3. James Bros. Inc. shipped merchandise to Randall Company on December 27, 2010, FOB shipping point. Randall Company received the merchandise on January 3, 2011.
4. Hinz Company shipped merchandise to Barner Inc. on December 24, 2010, FOB shipping point. The merchandise arrived at Barner’s on December 29, 2010.AppendixLO1
Step by Step Answer:
Using Financial Accounting Information The Alternative To Debits And Credits
ISBN: 9780538452748
7th Edition
Authors: Curtis L. Norton, Gary A. Porter