12 Jan 6 Which of the following terms indicates that a sh
6 Which of the following terms indicates that a shipment is owned by the seller up to the point of destination and the seller pays the transportation costs?a. COD b. FOB destinationc. FOB shipping point d. 4/10, EOM7 A beginning inventory of $75,000 is removed from the merchandise inventory account by: a. debiting $75,000 to Merchandise Inventory. b. debiting $75,000 to Purchases.c. crediting $75,000 to Merchandise Inventory. d. crediting $75,000 to Purchases. 8 On a work sheet, the amount entered in the credit column of the Balance Sheet to balance the debits and credits is $56,000. This amount represents:a. a net loss of $56,000. b. a net income of $56,000. c. an error of $28,000 in balancing accounts. d. cost of merchandise sold of $56,000.ACO529338Page 15 of 20
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