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Kate Company uses a perpetual inventory system and purchased inventory from Phoebe Company. The shipping costs were terms of the shipment were FOB shipping point.

Kate Company uses a perpetual inventory system and purchased inventory from Phoebe Company. The shipping costs were terms of the shipment were FOB shipping point. Kate would have the following entry regarding the shipping charges: a. There is no entry on Kate's books for this transaction. b. Freight Expense.. Cash c. Freight-Out Cash d. Inventory.. Cash 500 500 500 500 500 500

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