On February 12, Clare purchased $490 of merchandise on account from Larsen's Accessories, terms 5/10, n/30. The goods were shipped F.O.B. destination. The freight charge was $40. The amount to be recorded in the Accounts Payable Subsidiary ledger is: (Round your calculation to the nearest whole dollar.)
A) $466.
B) $515.
C) $490.
D) $530.
Correct Answer:
Verified
Q50: The account Freight-In accumulates the shipping costs
Q51: When the terms are F.O.B. shipping point,
Q52: An invoice approval form is used by
Q53: Using the perpetual inventory system, the purchase
Q54: An entry to record the payment to
Q56: The Merchandise account normally has a credit
Q57: Returned merchandise for credit under the perpetual
Q58: Purchase discounts are given to the buyer
Q59: Which account is the controlling account for
Q60: The purchase for merchandise inventory does not
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