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H3Ko H3Ko
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7 years ago
Which of the following is the correct journal entry for freight paid on goods purchased by a merchandiser using the periodic inventory system?

A) Purchases   XX   
       Accounts Payable      XX

B) Freight In   XX   
       Cash      XX

C) Accounts Payable   XX   
       Cash      XX

D) Merchandise Inventory   XX   
       Accounts Payable      XX
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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7 years ago
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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#3
7 years ago
I'm liking this Slight Smile
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