5 Exercise 4-5 (Algo) Determining inventory ownership and costs in transit LO P1 8.33 points Skipped For each transaction of Sealy Company, (a) determine whether or not Sealy owns the goods during transit. (b) If Sealy is responsible for transportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual inventory system is used. Complete this question by entering your answers in the tabs below. eBook Ask Required A Required B If Sealy is responsible for transportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual inventory system is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Print References View transaction list Journal entry worksheet 1 2 3 4 Purchased goods FOB shipping point. Transportation costs are $660. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit > Record entry Clear entry View general journal