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For the purchase of $10,000 of merchandise on account with freight of 560 the following entry occurs: 1/ Debit Accounts Receivable $10.000, Credit Inventory $10,000
For the purchase of $10,000 of merchandise on account with freight of 560 the following entry occurs:
1/ Debit Accounts Receivable $10.000, Credit Inventory $10,000
2. Debit inventory $10,000, Debit Freight in $560, Credit Accounts Payable $10,560
3. Debit Inventory $10,000, Debit Freight in $560, Credit Accounts Receivable $10,000
4. Debit Accounts Payable $10,560. Credit Inventory $10,000, credit Freight in $560
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