question archive Firas sold merchandise on account to Fatin, RM15,000, terms FOB shipping point, n/45
Firas sold merchandise on account to Fatin, RM15,000, terms FOB shipping point, n/45
Subject:AccountingPrice: Bought3
Firas sold merchandise on account to Fatin, RM15,000, terms FOB shipping point, n/45. The cost of the goods sold was RM9,000. Firas paid the RM1,000 shipping costs. In Fatin's journal entry, what should be recorded? RM RM A. Account Receivable 16,000 Sales 16,000 B. Cost of Goods Sold 16,000 Inventory 15,000 C. Inventory 16,000 Account Payable 16,000 D. Inventory 15,000 Account Payable 15,000 11. The beginning balance in its inventory account is RM1,500 and the ending balance is RM1,000. Cost of goods sold is RM6,500. What was the amount of inventory purchased during the year? A. RM500 B. RM6,000 C. RM7,000 D. RM7,500
