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Assuming a periodic inventory system, the journal entry to record the purchase on account $1,000 of merchandise with freight of $115 prepaid and added to
Assuming a periodic inventory system, the journal entry to record the purchase on account $1,000 of merchandise with freight of $115 prepaid and added to the invoice is:
Multiple Choice debit Purchases $1,000, debit Freight In $115; credit Accounts Payable $1,115. O debit Accounts Payable $1,115, debit Freight in $115; credit Purchases $1,000. debit Purchases $1115; credit Accounts Payable $1115. debit Accounts Receivable $1115; credit Sales $1115 Step by Step Solution
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