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:
Question 3 options:
Purchases for $2,100.
Freight-in for $100.
Freight-out for $100.
Accounts Payable for $2,100.
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Core Concepts Of Accounting Information Systems
Authors: Mark G. Simkin, Carolyn A. Strand Norman, Scott Paquette
1st Canadian Edition
1118738101, 978-1118738108
