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Say you agree to sell goods to someone, but your terms are FOB Destination. You make the agreement on Dec. 28th, but the goods don’t get there until Jan. 3rd.
There would be NO journal entry until Jan 3rd right? Like on Jan 3rd it would be
AR Debit
Sales Credit
COGS Debit
Inventory Credit
but one should NOT make this entry on Dec 28th. So if a company did in fact record this transaction on Dec 28th, you would need to make an AJE to reverse those?
AUD - 84
BEC - 75
FAR - 76
REG - 87Ninja Notes/MCQ/Book/Audio for allFAR- 5/11/15 76!!
AUD-10/31/15 63, 84!
REG-7/12/16 72
BEC-8/31/15 75!! Perfect Score!Wiley CPAExcel Platinum
Ninja 10 pt combo for FAR/AUD/BEC
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