Record the following transaction in a transaction analysis chart for the buyer: Bought merchandise for $ 8 comma 600 on account. Shipping terms were F. O.B. destination. The cost of shipping was $ 100. Assume the perpetual inventory system.

The answer given below;

Explanation:

Inventory                              Dr.$8,600

Accounts Payable               Cr.$8,600

The cost of shipping $100 will be paid by the seller as FOB is F.O.B destination.Therefore no entry in books of purchaser is made for shipping cost.

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the definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. a local bakery that employs 10 people is an example of a small business. a manufacturing facility that employees less than 500 people is an example of a small business.