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on 1/7/2020 co
on 1/7/2020 co. solos Everton cofors 2600 o (FOB destination) on 5/78 2020, Aramex (transporter) diliver the goods to Everton and the bright Charge was $4oo. The entry recorded by Liverpool. cors store
Expert Solution
Under FOB destination,revenue can be recognized by the seller,when the goods are delivered to the buyer.In this case,Goods are delivered on 05/07/2020.Hence,record revenue as on 05/07/2020.Under FOB destination,Freight charges is the responsibility of the seller.In the books of Liverpool co.DateAccount titles and explanationDebitCredit05/07/2020.Accounts receivable26000Sales26000(Goods sold on account)Freight charges400Cash400(Freight paid)
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