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Bonita Company uses a perpetual inventory system and purchased inventory from Sandhill Company. The shipping costs were $450 and the terms of the shipment were

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Bonita Company uses a perpetual inventory system and purchased inventory from Sandhill Company. The shipping costs were $450 and the terms of the shipment were FOB shipping point. Bonita would have the following entry regarding the shipping charges: There is no entry on Bonita's books for this transaction. Freight-Out 450 C Freight Expense 450 Cash 450 Inventory 450 Cash 450

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