The buyer and seller of merchandise must agree on who is responsible for paying freight terms. Show your understanding of freight terms by selecting all of the correct statements below. (Check all that apply.)

Option 1,4,5 & 6 are correct in the below statements.

Explanation:

As the options are not given in the said question, the choices are as follows

Out of these options,

Option 1 is true because the revenue of the sales is to be recorded after the merchandise has been shipped to the destination.

Option 2 is false because the merchandise inventory account is credited in this case.

Option 3 is false as from the terms FOB shipping point, the buyer becomes responsible for the freight charges.

Option 4 is true because the statement indicates that the buyer accepts the ownership from the shipping point

Option 5 is true because the term FOB destination indicates that the seller is responsible for the shipping.

Option 6 is true because when the shippings costs are the responsibility of the buyer only than the merchandise inventory account is debited.

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