The Wilson Company purchased $33,000 of merchandise from the Poole Wholesale Company. Wilson also paid $2,600 for freight costs to have the goods shipped to its location. The company uses the perpetual inventory system. Which of the following summarizes the effects of the journal entries required to record these transactions for The Wilson Company? (Consider the effects of both business events.) Multiple Choice Total debits to the inventory account would be $35,600. Total debits to the inventory account would be $33,000.
The Wilson Company purchased $33,000 of merchandise from the Poole Wholesale Company. Wilson also paid $2,600 for freight costs to have the goods shipped to its location. The company uses the perpetual inventory system. Which of the following summarizes the effects of the journal entries required to record these transactions for The Wilson Company? (Consider the effects of both business events.) Multiple Choice Total debits to the inventory account would be $35,600. Total debits to the inventory account would be $33,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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