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Multiple Choice Question 167 Crane Company uses a perpetual inventory system and purchased inventory from Wildhorse Company. The shipping costs were $540 and the terms

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Multiple Choice Question 167 Crane Company uses a perpetual inventory system and purchased inventory from Wildhorse Company. The shipping costs were $540 and the terms of the shipment were FOB shipping point. Crane would have the following entry regarding the shipping charges: Freight Expense 540 Cash 540 Freight-Out 540 Cash 540 Inventory 540 Cash 540 There is no entry on Crane's books for this transaction

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