Question
Alpha used a periodic inventory system.Merchandise was purchased on account for $2,000.The transaction was F.O.B. shipping point.Freight of $100 was originally paid by the seller.Alpha's
Alpha used a periodic inventory system.Merchandise was purchased on account for $2,000.The transaction was F.O.B. shipping point.Freight of $100 was originally paid by the seller.Alpha's journal entry to reflect this purchase includes debits to:
A. Freight-out for $100.
B. Freight-in for $100.
C. Accounts Payable for $2,100.
D. Purchases for $2,100.
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
15th Edition
978-1337398169
