ABC Mart received a $20 freight bill for merchandise it purchased with freight terms of FOB shipping point. Assuming it paid the bill immediately, demonstrate the journal entry required to record the freight charges, assuming the periodic inventory system is used. Multiple choice question. Debit Merchandise Inventory $20 and credit Cash $20. Debit Transportation-In $20 and credit Merchandise Inventory $20. Credit Transportation-In $20 and debit Cash $20. Debit Transportation-In $20 and credit Cash $20.

ABC Mart received a $20 freight bill for merchandise it purchased with freight terms of FOB shipping point. Assuming it paid the bill immediately, demonstrate the journal entry required to record the freight charges, assuming the periodic inventory system is used. Multiple choice question. Debit Merchandise Inventory $20 and credit Cash $20. Debit Transportation-In $20 and credit Merchandise Inventory $20. Credit Transportation-In $20 and debit Cash $20. Debit Transportation-In $20 and credit Cash $20.

Name: None ABC Mart received a $20 freight bill for merchandise it purchased
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Description: None ABC Mart received a $20 freight bill for merchandise it purchased with freight terms of FOBshipping point. Assuming it paid the bill immediately, demonstrate the journal entry required torecord the freight charges, assuming the periodic inventor

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 11MC: A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What...

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